Tuesday, February 13, 2018

TOP NEWS

Analysis

IRS Pick's Clean Slate May Help Reform Embattled Agency

Charles Rettig, the California attorney whom President Donald Trump nominated to lead the Internal Revenue Service, is esteemed for his expertise in tax law, but his work to lift the reputation of a cash-strapped agency mired in political controversy may rest on the simple fact that he is not the embattled outgoing IRS chief, John Koskinen. Read more »

Analysis

With Budgets Tight, Tax Sharing Could Get Another Look

At a time when rising demand for municipal services is paired with a scarcity of funds to pay for them, experts said increased regional cooperation and tax sharing agreements could help ease this fiscal crunch. Read more »

Trump Budget Includes $15B To Enforce Tax Law

The Trump administration’s proposed budget for fiscal year 2019, released Monday, calls for providing $15 billion over 10 years to enforce the tax code, as well as a $100 million cut to the IRS’ base funding levels from the year before. Read more »

States Shouldn't Rush On Federal Audit Rules, Tax Pros Say

States should not rush to change their tax laws to address new federal audit rules for partnerships and LLCs, members of a coalition preparing a model law for states said Saturday. Read more »

FEDERAL

IRS Asks Court To Toss Facebook's Tax Appeal Suit

The government asked a California federal court on Friday to dismiss allegations by Facebook Inc. that the Internal Revenue Service unjustly denied it its right to contest an adjustment to its taxes with the IRS appeals office, saying the company suffered no actual harm. Read more »

US Tax Cuts Worsen Divide Between Rich And Poor, Prof Says

The U.S. should structure its fiscal policy to distribute wealth more equitably, a professor told attendees at an American Bar Association tax section meeting Saturday, arguing that the recent federal tax overhaul does little to mend, and in fact exacerbates, the growing divide between the poor and the wealthy. Read more »

Gov't Must Seek Tribes' Input On Vital Issues: NCAI Prez

The federal government must respect tribes’ sovereignty by engaging their leaders on infrastructure, tax, energy, land management, labor and many other issues impacting tribal governments and members, the president of the National Congress of American Indians said Monday. Read more »

INTERNATIONAL

Ingersoll-Rand Seeks Quick Win On $25M Foreign Tax Credit

Ingersoll-Rand Co. has asked a North Carolina federal court to grant it summary judgment in a suit against the IRS, alleging that the agency wrongfully disallowed $25 million in credits for Swiss taxes paid by a foreign subsidiary. Read more »

EXPERT ANALYSIS

SEC, CFTC Whistleblowers Dodge A Devastating Tax Bullet

Before the brief government shutdown last week, whistleblowers destined to receive bounties from the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission faced devastating tax liability. But the act that reopened the government vaporized the bullet about to strike this narrow class of whistleblowers, says Gary Aguirre, a former SEC staff attorney. Read more »

Series

Judging A Book: Duncan Reviews 'Justice And Empathy'

In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed. But the question of how the judiciary might conform to Burt’s expectations raises practical problems, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit. Read more »

LEGAL INDUSTRY

Jones Day Is Strongest US Law Firm Brand For 2nd Year

Jones Day is the No. 1 law firm brand in the United States for the second consecutive year, after first surpassing five-year leader Skadden in 2017, according to a study published Monday by London research firm Acritas. Read more »

Trump Taps 9 In Latest Round Of Judicial Nominations

President Donald Trump nominated several attorneys to appellate judgeships in the Ninth, Seventh and Fifth circuits on Monday, the latest picks to fill out some of the highest-profile vacancies in the country. Read more »

Ginsburg Says 'Me Too' Is Sign Of Gender Equality Progress

Women in the legal industry and beyond have made substantial progress during her lengthy career, U.S. Supreme Court Justice Ruth Bader Ginsburg told an audience Monday evening at the National Constitution Center, but the current public airing of gender-based harassment indicates much work still needs to be done. Read more »

Feature

15 Minutes With The General Counsel Of PNC Bank

Gregory B. Jordan joined the world of in-house at PNC following a nearly 30-year career at Reed Smith LLP. He spoke with Law360 about the changing legal industry, what convinced him to go in-house and the biggest regulatory issues his organization is grappling with. Read more »

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