The European Union has asked the Organization for Economic Cooperation an= d Development=C2=A0to investigate whether the recently enacted U.S. federal= tax reform law violates international standards on harmful tax practices, = an EU official confirmed on Monday.

Tuesday, March 13, 2018

TOP NEWS

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EU Asks OECD To Che= ck US Tax Law For Harmful Practices

The European Union has asked the Organization for Economic Cooperatio= n and Development to investigate whether the recently enacted U.S. fed= eral tax reform law violates international standards on harmful tax practic= es, an EU official confirmed on Monday. Read more »

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IRS Faces Hurdle= s In Revamping Big-Biz Audits, Official Says

The Internal Revenue Service is facing challenges in overhauling the = way it audits large multinational corporations, partly because changing the= agency's systems is “a lengthy process,” an IRS official said = at a conference in Washington, D.C., on Friday. Read more »

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Santander Fights 1s= t Circ. ‘Tax Shelter’ Designation, Fines

Santander Group continued on Monday to deny having operated= a tax shelter in the United Kingdom over a year after the First = Circuit ruled the questionable trust's “whole function” was gen= erating foreign tax credits. Read more »

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IRS Fraud Filter= Errors Cause Delays, Taxpayer Advocate Says

A majority of identity theft and tax refund fraud cases flagged by th= e Internal Revenue Service this tax filing season are false positives, dela= ying the processing of legitimate tax returns, the national taxpayer advoca= te said Monday. Read more »

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OECD Says Transfe= r Pricing Deadline Standard Mostly Missed

Seven of eight countries reviewed were found to have taken longer tha= n the international standard of 24 months to resolve double-tax cases invol= ving the handling of multinational businesses’ profits, according to = Organization for Economic Cooperation and Development reports released Mond= ay. Read more »

FEDERAL

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Facebook Invokes Ta= xpayer Bill Of Rights In Row With IRS

Facebook Inc., in urging a California federal court to let a lawsuit = by the social media company go forward, argued on Friday that the 2015 Taxp= ayer Bill of Rights created a statutory right for it to access the IRS Offi= ce of Appeals in appealing the agency’s decision to block adjust= ment of its taxes. Read more »

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Court Urged To Kee= p Alive LNG Plant's $1.4B Tax Break Suit

JMCB LLC asked a Louisiana federal court on Monday to deny Sabine Pas= s Liquefaction LLC’s motion to dismiss its claim over a $1.4 billion = tax break for a liquefied natural gas plant, saying Sabine lacked standing = because JMCB voluntarily dismissed Sabine from the lawsuit. Read more »

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Uber’s $3M Deal Shortch= anges Drivers, Judge Told

A group of drivers urged a New York federal judge to pump the brakes = on a proposed $3 million settlement with Uber over allegations the company = improperly calculated deductions from fares, saying in an objection Friday = that the amended deal drastically undervalues the strength of their claims = and proposes an inadequate form of notice for class members. Read more »

STATE & LOCAL

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Revenue Boost Shows= Many State Taxpayers Prepaid: Report

Preliminary state tax revenue data from the fourth quarter of 2017 po= int to a significant number of state taxpayers prepaying taxes after learni= ng that the deduction for state and local taxes paid would be capped by the= new federal tax law, according to research released Monday by the Rockefel= ler Institute of Government. Read more »

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Taco Chain Owner Stole $5.= 6M In Taxes, Wash. AG Says

The owner of six Seattle-area taco restaurants was criminally charged= with theft for allegedly using illegal technology in cash transactions tha= t let him pocket more than $5.6 million in unpaid taxes, in what is the lar= gest “sales suppression software” case in state history, Washin= gton Attorney General Bob Ferguson said Friday. Read more »

INTERNATIONAL

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UK Tax Tribunal Rules = ‘Loan Notes’ Were Really Earnings

Her Majesty’s Revenue and Customs claimed a major victory over = two companies in a case involving “loan notes” in the Upper Tribunal of the U.K. Tax and Chancery Chamber. Read more »

EXPERT ANALYSIS

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State Tax After Reform: Where Ar= e We Going?

Determining financial statement impact from the state flow-through of= federal tax reform will be complicated by changes in state tax policy expe= cted to be adopted. In this video, Steve Kranz and Diann Smith of McDermott= Will & Emery LLP discuss the issues with Joe Henchman, executive vice pres= ident of the Tax Foundation, and suggest options for companies to protect a= gainst negative policy changes. Read more »

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You’re Perfect, = Now Change: Perfectionism Hurts Lawyers

Like medical professionals, lawyers often resist policies to reduce e= rrors due to the culture of perfectionism that permeates the industry. Auto= nomy is key to the legal professional's prestige and the outward demonstrat= ion of competence is key to maintaining autonomy, says Peter Norman of Winn= ieware LLC. Read more »

LEGAL INDUSTRY
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Analysis

Uber's GC Talks Ste= ering Waymo Deal, Company's New Route

When Tony West took on the mantle of chief legal officer at Uber las= t year, he tackled the imposing task of trying to plot a new legal road map= for one of Silicon Valley’s most controversial companies. Toward the= top of his list was resolving a thorny trade secrets case that was speedin= g toward trial on claims that Uber had stolen key self-driving car technolo= gy from Google unit Waymo. Read more »

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UK Regulator Sends Law = Firms Gag Order Warning Shot

Law firms cannot use nondisclosure agreements, known as NDAs or gag = orders, to prevent reports of any type of professional misconduct to discip= linary authorities, including sexual harassment and assault, the Solicitors= Regulation Authority on Monday warned law firms operating in the U.K. Read more »

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Pro Bono Spotlight

Three Crowns He= lps Ethiopian Runner Reunite With His Family

An elite Ethiopian marathon runner whose heels and feet were severel= y lashed for peacefully protesting Ethiopian government policy and who foug= ht for two years to bring to the U.S. the pregnant wife and son he left beh= ind when he sought asylum saw his dream come true thanks to the efforts of = Three Crowns LLP. Read more »

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