Friday, February 9, 2018

TOP NEWS

Hochman Salkin Atty Nominated For IRS Commissioner Role

Charles Rettig, a seasoned California litigator with Hochman Salkin Rettig Toscher & Perez PC, has been nominated to head the Internal Revenue Service for five years, the White House announced on Thursday. Read more »

Senate Budget Deal Would Renew Expired Tax ‘Extenders’

Senate leaders unveiled a budget agreement late Wednesday that, along with keeping the government funded, would revive a set of expired targeted tax benefits for businesses and individuals, known as tax extenders. Read more »

Tax Legislation Prompts IRS Updates To Guidance Plan

The U.S. Department of the Treasury has identified a number of areas where it says guidance will be prioritized over the coming months in the wake of the recently enacted Republican tax cut legislation, according to a document released Wednesday. Read more »

Tax Group Of The Year: Skadden

Skadden Arps Slate Meagher & Flom LLP's global tax practice has provided advice on transactions to big-name companies such as NXP Semiconductors N.V. in its proposed $47 billion acquisition by San Diego-based Qualcomm Inc. and Hewlett Packard Enterprise in its $8.8 billion spin-off and merger of its software business with a foreign company, earning the firm a spot among Law360's 2017 Tax Practice Groups of the Year for the third year in a row. Read more »

FEDERAL

$3B Tax Trial Will Focus On Royalties, Coca-Cola Says

Long-standing royalty agreements between Coca-Cola and six foreign subsidiaries will be the company's main focus at trial in its $3.3 billion transfer pricing dispute with the Internal Revenue Service, Coca-Cola said in a 161-page trial brief filed Wednesday at the U.S. Tax Court. Read more »

STATE & LOCAL

Whistleblower Can't Avoid Tax On FCA Award, NJ Court Says

A New Jersey appellate court on Thursday affirmed that a whistleblower’s $1.2 million payout from his False Claims Act lawsuit over unlawful Medicare billing is subject to state income tax, clarifying in a published opinion that the award falls within the legal damages that constitute taxable income under state law. Read more »

INTERNATIONAL

Senior EU Lawmakers Vote To Set Up Paradise Papers Probe

European Union lawmakers voted Thursday to form a new inquiry committee to tackle money laundering and tax evasion practices exposed in the Paradise Paper leaks, taking up the mantle from three previous parliamentary investigations. Read more »

Greece Must Tax Fuel Headed For Non-EU Nations, Court Says

The European Union’s top court on Thursday upheld a challenge to a Greek law that lets gas stations near bordering non-EU countries sell tax-exempt fuel, ruling that the excise duty applies even if the drivers are heading directly out of Europe. Read more »

Australia Floats Guidance For Diverted Profits Tax

The Australian Taxation Office released a guidance draft Wednesday covering the steps multinational businesses can take if they suspect their arrangements with foreign affiliates might trigger the country’s controversial diverted profits tax, which is designed to prevent companies from shifting profits offshore. Read more »

Analysis

States Again Turn To EITC To Help Low-Income Workers

After several lean years in which no states created an earned income tax credit and North Carolina became the first state in 30 years to scrap its credit, the state EITC — designed to boost the impact of the federal earned income credit for low- and moderate-income working families — is thriving again. Read more »

EXPERT ANALYSIS

TCJA Will Affect Foreign Investments In US Real Estate

The Tax Cuts and Jobs Act signed into law last December has significant ramifications for foreign investors utilizing the blocker corporation structure. Moving forward, tax planning and tax projections for the life of a deal will be required to minimize income taxes, say Brad Wagner and Justin Wood of Wagner Duys & Wood LLLP. Read more »

The Art Of The Litigation Funding Deal

As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF. Read more »

LEGAL INDUSTRY

Feature

4 Ways Companies Should React When GCs Behave Badly

As employers scrutinize their policies and workers’ complaints in the wake of the Harvey Weinstein sexual assault scandal, a legal department may wonder what actions to take when its own general counsel breaches fiduciary duties or engages in misconduct. Here, Law360 looks at four steps a business can take if its top lawyer is suspected of bad behavior. Read more »

Analysis

Blurry BigLaw Definition Of 'Partner' Fuels Gender Bias Suits

BigLaw’s embrace in recent decades of a top-down management style and ever-looser definitions of what constitutes a true “partner” have emerged as key questions in a handful of pay and gender discrimination cases brought by female lawyers, and the answer could decide the scope of such suits and whether they end up in arbitration. Read more »

Law Firm Revenue Grew At Fast Clip In 2017

Law firm revenue was up 4.5 percent in 2017, matching the biggest uptick the legal industry has seen in the past decade, according to a report released Wednesday by Citi Private Bank’s law firm group, which attributed the success to increases in law firm rates and demand. Read more »

Senate Panel Approves Trump's Pick For 5th Circ.

The U.S. Senate Judiciary Committee advanced a Louisiana federal judge’s nomination to the Fifth Circuit to the full Senate on Thursday, along with three of President Donald Trump’s other picks for the federal bench. Read more »

Judge Skeptical Of Dewey CFO's Bid To Vacate Conviction

Former Dewey & LeBoeuf LLP Chief Financial Officer Joel Sanders got a cold reception from a New York state judge when he argued for his conviction to be nixed on Thursday, with the judge questioning whether a key witness had truly recanted. Read more »

Law360's Weekly Verdict: Legal Lions & Lambs

Weil Gotshal & Manges LLP won the title of top legal lion this week, advising Kroger on the $2 billion sale of several hundred convenience store businesses, while Shook Hardy & Bacon ended up on the legal lambs list after its client, Boston Scientific, lost its appeal of an $18.5 million verdict in a trial over injuries allegedly caused by its Obtryx pelvic mesh devices. Read more »

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Kroger Co.

Micro Focus International PLC

NXP Semiconductors NV

New York University

QUALCOMM Incorporated

R.J. Reynolds Tobacco Co. Inc.

SeaWorld Entertainment Inc.

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