Thursday, February 8, 2018

TOP NEWS

Analysis

Partnership Rules Flout Long-Held Principles, Tax Pros Say

Regulations recently proposed by the Internal Revenue Service for adjusting tax attributes under the new partnership audit regime could fly in the face of traditional partnership tax principles, tax practitioners say. Read more »

5th Circ. Lets Alone Reversal Of Cities’ $84M Hotel Tax Win

The Fifth Circuit declined Tuesday to rehear its decision to overturn an $84 million award for a class of cities seeking unpaid taxes on the full amount paid for hotel rooms in a dispute with online travel companies over Texas’ hotel occupancy tax ordinances. Read more »

Tax Group of the Year: Morgan Lewis & Bockius

Morgan Lewis & Bockius LLP’s growth strategy paid off big in 2017, evident in its blistering $1.5 billion win for Amazon in a case against the Internal Revenue Service that went back more than a decade and marked one of the largest transfer pricing disputes ever litigated, landing the firm a spot among Law360's Tax Practice Groups of the Year. Read more »

FEDERAL

Sen. Wyden Calls For GAO To Study Tax Bill's Impact

The top Democrat on the U.S. Senate Finance Committee, Sen. Ron Wyden, D-Ore., on Wednesday called for the Government Accountability Office to investigate the impact of the recent federal tax cut legislation, claiming it’s more of a boon for wealthy executives and corporations than middle-income workers. Read more »

STATE & LOCAL

W.Va. City Can't Make Cable Co. Hide Tax On Subscriber Bills

A West Virginia municipality cannot prevent a cable provider from itemizing a local tax on subscribers’ bills, the Federal Communications Commission has ruled, rejecting the city’s claim that the company’s listing of a pass-through tax on billing documents runs afoul of the Federal Communications Act. Read more »

INTERNATIONAL

Norway Signs Agreement With EU To Tackle VAT Fraud

Norway became the first country to sign an agreement with the European Union to provide a legal framework to prevent fraud and recover claims within the value-added tax system, the EU’s council said Tuesday. Read more »

PEOPLE

Senate Leaders Reveal Spending Deal As Shutdown Looms

Senate leaders announced a $300 billion two-year budget deal Wednesday, potentially avoiding a government shutdown later this week and extending the government debt ceiling a full year. Read more »

EXPERT ANALYSIS

Tax-Exempt Organizations Face A New Excise Tax

For tax-exempt organizations, the Tax Cuts and Jobs Act included a key change: There is now an excise tax applicable to exempt organizations on “excess” executive compensation, according to James Malone, leader of Post & Schell PC’s tax controversy practice. Read more »

Smart Contracts Need Smart Corporate Lawyers

Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP. Read more »

LEGAL INDUSTRY

Andrews Kurth, Hunton & Williams Leaders Agree On Merger

A long-rumored combination between Andrews Kurth Kenyon LLP and Hunton & Williams LLP is advancing toward the finish line, as leaders at both firms recently signed an agreement to merge, sources familiar with the deal told Law360 on Wednesday. Read more »

Linklaters' Top Ranks See Gender Pay Gap

Linklaters on Wednesday became the first Magic Circle law firm to reveal its 2017 gender pay gap data ahead of an April deadline, complying early with government reporting requirements and revealing a discrepancy among its highest-paid employees. Read more »

Vinson & Elkins Associates To Get Cravath-Scale Bonuses

Houston-based Vinson & Elkins LLP announced in a memo made public Wednesday that its associates would receive bonuses matching or in some cases exceeding those on the now-familiar scale established by Cravath Swaine & Moore LLP, which has remained the market standard for several BigLaw firms. Read more »

Feature

4 Places BigLaw Is Putting Its Tech Budget Dollars

Many law firms decided to increase their technology budgets in the past year. Here, Law360 takes a look at where BigLaw is putting its dollars. Read more »

Texas Firm With Same Initials Didn't Infringe TM, Judge Rules

A Texas personal injury law firm can’t stop lawyers with the same initials as its partners from using the initials in their marketing materials, according to a ruling in a state court case over whether using initials creates a valid common-law trademark in the Lone Star State. Read more »

Law360's 2018 Editorial Board Selection Survey

Law360 is looking for avid readers of our publications to serve as members on our 2018 editorial advisory boards. Read more »

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