Thursday, March 15, 2018

TOP NEWS

IRS Adds 5 More Focus Areas To Large Business Audits

The Internal Revenue Service announced on Tuesday five additional areas it will focus on during audits of the largest businesses, augmenting a list of compliance campaigns rolled out last year. Read more »

House Votes To Allow Transfer Of Cases To Tax Court

The U.S. House on Wednesday voted in favor of a bill that would allow tax cases misfiled in state or federal courts to be transferred to the U.S. Tax Court without penalizing the filer. Read more »

Tax Court Flubbed Analysis In Medtronic Case, 8th Circ. Told

The U.S. Tax Court’s analysis of Medtronic Inc.’s license with its Puerto Rican subsidiary doesn’t dig deep enough to explain a transfer pricing method that slashed the medical device maker’s tax bill by hundreds of millions of dollars, an Internal Revenue Service attorney told the Eighth Circuit on Wednesday. Read more »

‘Extenders’ Make Little Sense After Tax Bill, Panel Hears

Now that Congress has enacted a sweeping overhaul of the tax code, companies have little need for the targeted tax benefits known as “extenders,” the chair of the House Ways and Means tax policy subcommittee said during a hearing Wednesday examining the provisions. Read more »

CPA Claims Prosecutor Leaked Tax Data Seized In Raid

A California CPA seeks $700,000 in punitive damages, alleging the Justice Department violated his privacy rights and those of hundreds of taxpayers by illegally copying a hard drive seized in a raid of a dietary supplement company and leaking its contents to the public, according to a complaint filed Wednesday. Read more »

FEDERAL

Ex-Samsung Exec Can't Shake Prison Over Atty Error Claims

A former Samsung America Inc. executive lost his bid to escape a six-year-plus prison term for embezzling about $1.6 million from the company after a New Jersey federal judge on Tuesday rejected claims that his former attorney was ineffective for not consulting with him about a possible appeal. Read more »

House Bill Would Allow Project Tax Benefits In Puerto Rico

Rep. Jenniffer Gonzalez-Colon, R-Puerto Rico, has introduced a bill that would extend tax benefits for film, television and live theatrical projects to Puerto Rico-based productions. Read more »

STATE & LOCAL

NY Tax On Casinos' Sports Betting Moves Forward In Senate

A New York state Senate committee approved a bill on Tuesday that proposes regulating pro and college sports betting and mobile wagering at casinos, calling for an 8.5 percent tax on their gross revenue. Read more »

Cook Co. Tax Assessor Looses On Campaign Donation Limits

Cook County Assessor Joseph Berrios on Tuesday lost a court challenge to the county’s campaign contribution limits after having been fined earlier this year for failing to return campaign contributions from property tax appeals lawyers whose donations exceeded the limits. Read more »

INTERNATIONAL

US Tax Law Boosting Global Economy, For Now, OECD Says

The U.S. tax overhaul and a federal spending increase are key factors behind an uptick in the global economy, but rising trade protectionism could undermine growth, according to a report released on Tuesday by the Organization for Economic Cooperation and Development. Read more »

EXPERT ANALYSIS

Tax Planning In The Age Of Tax Reform: Part 1

The Tax Cuts and Jobs Act provides companies with both challenges and opportunities. Companies face immediate hurdles implementing the law without administrative guidance. But the combination of expiring provisions and newly enacted provisions creates unique tax planning opportunities, say attorneys with Eversheds Sutherland LLP. Read more »

US District Court To French Tax Authorities: Pas De Probleme

The U.S. and its treaty partners frequently aid each other in tax investigations. Although a taxpayer has procedural rights to quash an IRS summons issued in response to a treaty partner's request for information, a recent Northern District of Illinois decision shows it could be an uphill battle, say Robin Greenhouse and Kevin Spencer of McDermott Will & Emery LLP. Read more »

LEGAL INDUSTRY

Chadbourne, Norton Rose To Pay $3M To Settle Gender Suit

Three female lawyers who lodged a proposed class action claiming the former Chadbourne & Parke LLP law firm and its leadership systematically underpaid women asked a Manhattan federal judge Wednesday to approve $3.1 million in payments to settle the case. Read more »

Slaughter And May Reports 14.3 Percent Gender Pay Gap

Slaughter and May on Wednesday became the latest law firm to release the gender pay gap figures for its U.K. business, reporting that while the average pay for men is higher than for women across the firm, the trend is reversed at the associate level. Read more »

Feature

How Legal Departments Can Prepare For The Upcoming GDPR

Some multinational companies and their legal departments have been taking steps toward complying with the European Union’s upcoming data protection regime, while others have only just begun or aren’t even considering action before the regulation goes into effect in less than 75 days. Here, Law360 looks at how businesses and their legal departments can prepare for the approaching May 25 implementation date. Read more »

Ill. Court Official Battles Bid For Quick Access To E-Filings

An Illinois federal judge improperly interpreted the First Amendment when he ordered Cook County's Circuit Court clerk to make new electronically filed complaints immediately available to the public, the local court official told the Seventh Circuit on Tuesday. Read more »

Dentons Adds 7 New Firms To Its Ranks In Global Expansion

Dentons continued to build on its position as the world’s largest law firm Wednesday, announcing a flurry of combinations with firms across Africa, the Caribbean and Southeast Asia as it enters the legal market in more than a dozen countries. Read more »

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