Thursday, March 1, 2018

TOP NEWS

Feature

States Examine Cryptocurrency As New Way To Collect Tax

At a time when the volatile path of bitcoin has gained it newfound notoriety and public awareness, lawmakers in at least two states are embracing the cryptocurrency trend and looking to make it legal tender for the payment of taxes. Read more »

Ga. Senate Committee Strikes Delta Tax Break Amid NRA Row

The Georgia Senate Rules Committee amended a comprehensive tax bill on Wednesday, eliminating a provision that would have reinstated a tax break on jet fuel estimated to be worth close to $50 million. Read more »

Analysis

Death Of Dutch Tax Regime Inflicts Administrative Costs

Corporate taxpayers and the Netherlands government will have to deal with administrative headaches as they figure out how to respond to the loss of a tax regime that allowed certain interest deductions, following a ruling by the European Court of Justice. Read more »

The Laterals Audit: Tax Attorney Moves In February

In the latest edition of the Laterals Audit, the Wagner Law Group welcomes an executive compensation attorney, Morgan Lewis boosts its tax team with four new hires and Todd Steinberg joins Loeb & Loeb LLP. Read more »

FEDERAL

Feds Seek Lesser Sentence For Ex-CEO In $36M Fraud Case

A convicted former CEO's “substantial assistance” to law enforcement may win him a reduction in his three-year prison term after the U.S. Department of Justice requested it in a Florida federal court Tuesday. Read more »

No Gain On Monster CEO's Stock Swap Delay, 2nd Circ. Told

The estate of Andrew McKelvey, deceased CEO of Monster Worldwide Inc., told the Second Circuit on Tuesday that the U.S. Tax Court correctly found McKelvey did not owe $41 million in tax due to contract extensions for exchanging stocks with two investment banks, because the contracts were still open. Read more »

Manafort To Face 'Foreign Agent' Charges At Sept. Trial

A D.C. federal judge on Wednesday set a mid-September jury trial date for President Donald Trump’s former campaign chairman Paul Manafort to face special counsel allegations of money laundering and the intentional obfuscation of his role lobbying for Ukrainian politicians as a “foreign agent.” Read more »

Assistant In UN Real Estate Bribery Plot Gets 7 Months

The former assistant to Chinese developer Ng Lap Seng who was accused of playing a critical role in his boss’ scheme to win United Nations contracts through bribery was sentenced to seven months in prison on Wednesday, a harsher sentence than he asked for but below federal guidelines. Read more »

STATE & LOCAL

Ohio Justices To Decide If Reds' Bobbleheads Can Be Taxed

The Cincinnati Reds say bobbleheads and other promotional souvenirs at baseball games are not taxable, the Ohio Department of Taxation says they are, and the Ohio Supreme Court has agreed to decide. Read more »

Amazon Eyes Expansion In Boston For $5M In Tax Breaks

Online retail giant Amazon is negotiating to rent space in a proposed 18-story building on the South Boston Waterfront to accommodate 2,000 new employees while developers ask for $5 million in property tax reductions over 15 years as an incentive. Read more »

INTERNATIONAL

Portuguese Property Co. Can Keep VAT Deductions: EU Court

An arrangement allowing a real estate company to deduct the amount of value-added taxes it owed to the Portuguese government remained intact even if some of the company’s properties were vacant for years, the European Union’s top court ruled on Wednesday. Read more »

Polish Vendor Properly Gave VAT Refunds, EU Court Finds

A Polish telecommunications equipment seller properly refunded value-added tax to customers in 2009 and 2010 despite failing to meet a monetary threshold for sales under the Polish VAT law, the European Court of Justice ruled Wednesday. Read more »

EXPERT ANALYSIS

Settlement Payment Considerations After Tax Reform

Since 1969, U.S. tax law has denied a deduction for settlement payments to regulators, but this limitation was significantly changed by the Tax Cuts and Jobs Act. However, in U.S. Securities and Exchange Commission enforcement actions, it will likely be difficult for defendants to characterize monetary payments in a way that satisfies the new law, say attorneys with Cleary Gottlieb Steen & Hamilton LLP. Read more »

Taxpayers: Watch How States Respond To IRC Section 965

States and taxpayers must address the deemed repatriation of foreign income provisions in newly enacted IRC Section 965, as they affect how income is taxed at the state level, with effects varying in each state. Reactions thus far include legislation proposed in Connecticut and New York, and the creation of a multistate taxpayer coalition to represent taxpayer concerns as the states begin to adapt, say attorneys at McDermott Will & Emery LLP. Read more »

How Newman's Own Got A New Life

A new law allowing private foundations to own all of a business under certain conditions gives a new lease on life to the foundation that owns the company producing and selling Newman’s Own food products. More private foundations may take ownership of profitable businesses as a result of this law, says Allen Bromberger of Perlman & Perlman LLP. Read more »

LEGAL INDUSTRY

Feature

Land Mines To Avoid When Parting Ways With A Law Firm

Partner departures are not always harmonious affairs and, in some cases, can go beyond hurt feelings to cross ethical boundaries. Here, legal ethics experts offer their advice for parting ways the right way. Read more »

KWM Administration Costs Have Vastly Exceeded Estimates

The costs of restructuring global firm King & Wood Mallesons’ London-headquartered European and Middle East operations so far have been double the original estimates, according to a recent report by the firm’s administrators. Read more »

The Top In-House Hires Of February

The notable legal department hires during the second month of the year include Walmart's executive vice president, who joins from the U.S. Department of Justice, as well as American International Group's senior vice president and general counsel of its general insurance, who is a former GC of the Central Intelligence Agency under former President Barack Obama. Read more »

Guest Feature

George Pataki: The Farmer From Peekskill

In a conversation ranging from Wall Street lawyering to Howard Stern to the shape of the New York Court of Appeals, White and Williams LLP counsel Randy Maniloff sits down with former New York Gov. George Pataki at his office at Norton Rose Fulbright. Read more »

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