Wednesday, February 14, 2018

TOP NEWS

Treasury Proposes Scrapping Nearly 300 Tax Rules

The U.S. Department of the Treasury intends to scrap nearly 300 tax rules in keeping with President Donald Trump's executive orders to cut back on regulatory burdens, according to proposed regulations released Tuesday. Read more »

IRS May Deny Accounting Period Shifts Over Transition Tax

The Internal Revenue Service on Tuesday announced that it would prevent companies from changing the accounting periods of foreign affiliates if doing so could allow them to skirt a tax on the overseas earnings they bring back to the U.S. under the recently enacted tax overhaul. Read more »

Lawmakers Continue To Make Corrections To Fed. Tax Law

The federal budget agreement signed by President Donald Trump made tweaks to provisions in the federal tax law passed by the U.S. Congress in December, and more corrections can be expected in a process that could take years. Read more »

FEDERAL

Senate Panel Grills OMB's Mulvaney On Trump Budget

Office of Management and Budget Director Mick Mulvaney defended the Trump administration's 10-year spending plan Tuesday, as senators on both sides of the aisle questioned the budget proposal for federal spending. Read more »

INTERNATIONAL

EU Targets Shipyard Tax Scheme In Letter To Polish Gov't

The European Union on Monday released the reasoning behind its decision to investigate Poland’s low flat-rate sales tax for shipyards operating in the country, saying in a letter to the Polish government that the measure didn't appear to hold up against EU state aid rules. Read more »

EXPERT ANALYSIS

How China's Withholding Tax Relief Affects Foreign Investors

To encourage investment in fields such as advanced manufacturing, high technology, energy conservation and environmental protection, China recently instituted a policy allowing foreign investors to withdraw profits from existing Chinese enterprises and reinvest them in favored industries without paying withholding tax. The list of encouraged industries is granular, but questions remain, says David Chamberlain of California Polytechnic State University. Read more »

How A Recent Tax Case Offers Guidance To Family Offices

In a recent case, Lender Management LLC v. Commissioner, the U.S. Tax Court ruled against the Internal Revenue Service after it asserted that the costs of running a family office were not deductible for federal income tax purposes. The decision provides a road map for other family offices on how to structure their operations, says Mark Leeds of Mayer Brown LLP. Read more »

An Overview Of The New International Tax Provisions

Understanding The New International Tax Provisions The new tax law made significant international tax changes that affect both U.S. and foreign-parented multinational corporations. In this video, Carol Tello and Lauren Stewart of Eversheds Sutherland LLP provide an overview of the law and its impact, including the reduced corporate tax rate, the shift to a hybrid territorial/worldwide system and the base erosion provisions. Read more »

The Impact Of Kokesh So Far, And What's Next: Part 1

The U.S. Supreme Court's decision last year in Kokesh had immediate effects on the U.S. Securities and Exchange Commission’s ability to seek disgorgement in enforcement actions. On the other hand, defendants have had little success when seeking to amend previously awarded disgorgement amounts, say attorneys with King & Spalding LLP. Read more »

LEGAL INDUSTRY

Analysis

Recent Leaks Put Legal Industry On '#MeToo' Notice

Two international law firms announced last week that they were parting ways with U.K. partners after allegations from more than a year ago were suddenly brought to light, in what could be the start of a longer public re-evaluation of how the legal industry addresses — or fails to address — claims of sexual misconduct within its ranks. Read more »

Make New E-Filed Suits Public Now, Cook County Clerk Told

An Illinois federal judge won’t wait any longer for the Cook County Circuit Court clerk to implement a system to make new electronically filed lawsuits immediately available to the public and media outlets, the judge said Tuesday, rejecting the clerk’s request for a stay while she appeals his order. Read more »

Rawle & Henderson Fired Worker Claiming Harassment: Suit

A former legal secretary for Rawle & Henderson LLP launched a lawsuit in New York state court Monday, alleging that members of the law firm fabricated workplace performance problems to push her out after she complained of a partner’s sexual harassment. Read more »

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