Wednesday, February 21, 2018

TOP NEWS

Analysis

States Seeing Rash Of Bills To Tax Carbon Emissions

Taxing carbon products and emissions is a long-cherished goal of Washington Gov. Jay Inslee, and he has proposals to do so again this year. This time, however, he is far from alone as 10 states have released bills to combat climate change and raise revenue by using the tax system. Read more »

Supreme Court Rejects Investor's Claims On Tax Shelter

The U.S. Supreme Court on Tuesday rejected an investor’s appeal contesting the Internal Revenue Service’s disallowance of tax benefits being claimed from a tax shelter known as “BLIPS” that was promoted by KPMG. Read more »

Conn. Embarks On Aggressive Effort To Collect Online Tax

Thousands of Connecticut residents have begun receiving letters from the state this month demanding payment of use tax owed for online purchases from 2014 to 2016, in what is seen as one of the most aggressive efforts in the country to collect unpaid sales and use taxes. Read more »

FEDERAL

Railroad Cos. Tell High Court $13.3M In Options Not Taxable

Subsidiaries of the Canadian National Railway Co. asked the U.S. Supreme Court on Friday to reverse a Seventh Circuit decision and conclude that $13.3 million in stock options given to their employees was not taxable income under a federal railroad law. Read more »

Unions Say Disney World Withheld $1K Tax Cut Bonuses

Unions representing Disney World workers filed a federal labor complaint on Monday claiming Disney has improperly withheld $1,000 bonuses announced by the company after Congress passed the GOP tax cut bill. Read more »

2nd Circ. Upholds Forfeiture Order In $10M Tax Fraud Case

The statute of limitations on a motion for relief from a federal court judgment starts running when the court issues its initial decision, and the clock doesn’t reset when the court issues its reasoning afterward, a Second Circuit panel held Friday in an appeal of settling title to property forfeited in a $10 million tax fraud case. Read more »

NY Accountant Pleads Guilty In Stock Manipulation Scheme

A Cedarhurst, New York, accountant on Tuesday copped to his role in a long-running stock market manipulation scheme that netted millions in illegal profits between 2014 and 2016, federal prosecutors said. Read more »

$300M Emergency Loan Approved For Puerto Rico Electric Co.

Puerto Rico’s ailing power utility on Monday was authorized to accept a $300 million unsecured loan from the commonwealth to stave off an imminent blackout, after the utility’s creditors successfully fought off an earlier $1 billion secured loan proposal. Read more »

Analysis

4 Takeaways As Trump Admin. Backs Skimpy Health Policies

The Trump administration's action on Tuesday to allow lengthier sales of skimpy health insurance policies will deal another blow to Affordable Care Act marketplaces, but the impact will depend greatly on whether states play ball. Here are four takeaways on what to watch. Read more »

INTERNATIONAL

HSBC Faces $1.5B In Fines From Swiss Tax Evasion Probes

HSBC Holdings PLC could be hit with fines exceeding $1.5 billion from investigations around the world into allegations of tax evasion and money laundering at its Swiss private-banking subsidiary and other operations, according to the bank's annual report published Tuesday. Read more »

Top UK Court Weighs Gov't Appeal In Prudential Tax Dispute

The U.K. government appealed to the Supreme Court on Tuesday to resolve a number of issues it says need legal clarification in a long-running case brought by Prudential Assurance Ltd. over tax claimed to be unduly levied on cross-border portfolio investment income. Read more »

EU Tees Up New Measures To Tax The Digital Economy

The European Union is preparing to unveil proposals aimed at taxing the digital economy, including measures targeting tech companies that don’t have a physical presence in member states where they provide services, an EU official announced Tuesday. Read more »

EXPERT ANALYSIS

Dueling Tax Measures On San Francisco's June Ballot

In June 2018, the San Francisco electorate will vote on the two competing tax measures, Housing for All and Universal Childcare for San Francisco Families. The measures differ in purpose, tax rate and exemptions, but either one would mean a huge increase in taxes for commercial landlords, say attorneys at Pillsbury Winthrop Shaw Pittman LLP. Read more »

Planning For The New GILTI Tax

Planning For The New GILTI Tax The recent Tax Cuts and Jobs Act adopted a provision subjecting certain U.S. shareholders of controlled foreign corporations to tax on their global intangible low-taxed income, or GILTI. In this video, Taylor Kiessig and Stefanie Wood of Eversheds Sutherland LLP explain that GILTI is effectively a new worldwide minimum tax on the earnings of a U.S. shareholder’s CFCs. Read more »

LEGAL INDUSTRY

Feature

Russia, Ukraine Ties Mark Ex-Skadden Atty Snared By Mueller

Six years ago, Skadden associate Alex van der Zwaan was just one of several junior members of a firm team that wrote a controversial report about the prosecution of an ex-Ukrainian prime minister — a lucrative job arranged by Paul Manafort, now a Russia probe defendant. But van der Zwaan’s client list belies any junior lawyer status. Read more »

Ex-Skadden Atty Pleads Guilty To Lying In Mueller Probe

A former Skadden Arps Slate Meagher & Flom LLP lawyer pled guilty Tuesday to lying to officials in Special Counsel Robert Mueller’s investigation into Russian meddling in the 2016 presidential election. Read more »

Pro Bono Spotlight

Akin Gump Secures Asylum For US Military Interpreter

Afghan native Abdul Samey Honaryar should not have spent a year detained in the custody of the same government he served as a war zone translator, his Akin Gump Strauss Hauer & Feld LLP attorneys told Law360. Read more »

Feature

15 Minutes With Discover Financial Services' General Counsel

Kelly McNamara Corley, who has served as executive vice president, general counsel and secretary of Discover Financial Services since 2008, shared with Law360 how the company prioritizes diversity and inclusion and what keeps her up at night, as technology continues to develop rapidly. Read more »

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