Return-Path: Received: from vps.transocean.com by vps.transocean.com with LMTP id yKEZGGO2tFpWcwAAInt2oQ ; Fri, 23 Mar 2018 01:10:11 -0700 Return-path: Envelope-to: bruce@transocean.com Delivery-date: Fri, 23 Mar 2018 01:10:11 -0700 Received: from o4.mailings-q.law360.com ([167.89.1.233]:29166) by vps.transocean.com with esmtps (TLSv1.2:ECDHE-RSA-AES128-GCM-SHA256:128) (Exim 4.89_1) (envelope-from ) id 1ezHlu-0007f3-Vu for bruce@transocean.com; Fri, 23 Mar 2018 01:10:11 -0700 DKIM-Signature: v=1; a=rsa-sha1; c=relaxed/relaxed; d=law360.com; h=from:to:subject:mime-version:content-type:content-transfer-encoding; s=s1; bh=euZRTnU5N/SdeYcdr9w7AS8yJwo=; b=tW6nlq1+LG0wynS+hLrsxU5 k3jrwtiMNDwGi9dsI/EUGEj1LfDTwvx27bIXsfjtCVA67B+evVCdjdEC04bYZqzU WZleHfr9ZcBrW6GVhQjiYJQxgLkdEX/rNaDks6i4aUZpB79NNj7CklaPMpVJvX+g 18D6gkbNYgdrOpLW4AvU= Received: by filter0997p1mdw1.sendgrid.net with SMTP id filter0997p1mdw1-28050-5AB4B62D-1F 2018-03-23 08:09:17.558006764 +0000 UTC Received: from www.law360.com (ec2-184-73-129-159.compute-1.amazonaws.com [184.73.129.159]) by ismtpd0006p1iad1.sendgrid.net (SG) with ESMTP id zkw3YM49TiG5R0xyDiXqAQ for ; Fri, 23 Mar 2018 08:09:17.511 +0000 (UTC) Date: Fri, 23 Mar 2018 08:09:17 +0000 (UTC) From: Tax Law360 To: bruce@transocean.com Message-ID: <5ab4b62d6e12a_64f32afa6404ef50678619@ip-172-30-200-128.mail> Subject: =?UTF-8?Q?House_Passes_$1.3T_Spending_Bill_With_=E2=80=98Grain?= =?UTF-8?Q?_Glitch=E2=80=99_Fix?= Mime-Version: 1.0 Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: 7bit X-SG-EID: Opio7iv9VGQ4tDJiJszIh3zd7qYkeM6M7FLocQY/BAXprc+cl1ZwkPHGJLJz7ym5wz/6JYxMgBSqnz mcDWlsj8AeC30ZP92/Ajl7H4lyp8m1TTVKsxDfYTq9178YFlrEuNCbDEhtYo/w1+pYAIXp+DnrN9+l VApuWiR/yCiIfz8JUGyzX13VLQWTEGWGkzLTft96awigLDOi6iPCZWCbxQ== X-Spam-Status: No, score=1.6 X-Spam-Score: 16 X-Spam-Bar: + X-Ham-Report: Spam detection software, running on the system "vps.transocean.com", has NOT identified this incoming email as spam. The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: The U.S. House of Representatives on Thursday approved a $1.3 trillion omnibus spending bill that in addition to funding the government would fix a provision in the recent tax overhaul law that was having unintended effects on the agricultural industry and make other changes to the tax code. TAX [...] Content analysis details: (1.6 points, 3.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#dnsbl-block for more information. [URIs: hotels.com] -0.0 RCVD_IN_MSPIKE_H2 RBL: Average reputation (+2) [167.89.1.233 listed in wl.mailspike.net] -0.0 T_RP_MATCHES_RCVD Envelope sender domain matches handover relay domain -0.0 SPF_PASS SPF: sender matches SPF record 0.8 BAYES_50 BODY: Bayes spam probability is 40 to 60% [score: 0.5000] 0.0 HTML_FONT_LOW_CONTRAST BODY: HTML font color similar or identical to background 0.0 HTML_MESSAGE BODY: HTML included in message 0.7 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 0.0 LOTS_OF_MONEY Huge... sums of money 0.0 T_DKIM_INVALID DKIM-Signature header exists but is not valid X-Spam-Flag: NO
The U.S. House of Representatives on Thursday approved a $1.3 trillion omnibus spending bill that in addition to funding the government would fix a provision in the recent tax overhaul law that was having unintended effects on the agricultural industry and make other changes to the tax code.
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Friday, March 23, 2018 Follow Tax Law360
TOP NEWS

House Passes $1.3T Spending Bill With ‘Grain Glitch’ Fix

The U.S. House of Representatives on Thursday approved a $1.3 trillion omnibus spending bill that in addition to funding the government would fix a provision in the recent tax overhaul law that was having unintended effects on the agricultural industry and make other changes to the tax code. Read more »

5th Circ. Rejects IRS Bid To Pause Anti-Inversion Appeal

The Fifth Circuit refused to pause the U.S. government’s appeal of a Texas federal court’s decision to invalidate a rule that sank a planned $160 billion merger between Pfizer Inc. and Irish counterpart Allergan PLC, according to an order issued Wednesday. Read more »

Congress' Last Chance For Action On Remote Sellers Dies

The last chance for Congress to beat the U.S. Supreme Court to action on remote sellers’ tax obligations appears to have evaporated when congressional leaders unveiled an omnibus spending bill that did not include online taxation regulations. Read more »

IRS Overhaul Bill Coming In April, Brady Says

House Ways and Means Chairman Kevin Brady, R-Texas, said Thursday that his committee will advance an Internal Revenue Service overhaul bill next month as part of the next phase of tax overhaul that he and President Donald Trump have advocated. Read more »

Port Authority, Jersey City Settle $400M Tax Dispute

The Port Authority of New York and New Jersey said on Thursday its board of commissioners voted to authorize a host of agreements that settle a long-standing dispute with Jersey City, New Jersey, over property tax payments worth $400 million, with the understanding that the city will not contest the tax-exempt status of Port Authority properties located within the city for 25 years. Read more »

FEDERAL

Rakoff Spares 3 Swiss Tax-Evasion Cooperators Prison Time

Three Swiss men who helped Americans dodge tax obligations avoided prison Thursday after Manhattan U.S. District Judge Jed S. Rakoff credited their extensive cooperation and expressed dismay over backlash two of them experienced in their native country. Read more »

Local Coke Units Made Key Strategic Decisions, Exec Says

A Coca-Cola business unit executive made key business decisions autonomously from corporate headquarters, including lobbying the Egyptian government for a tax cut on company products and adjusting worldwide advertising campaigns for local markets, the executive testified at a U.S. Tax Court trial Thursday. Read more »

Anadarko Playing Victim In $26M Tax Refund Row, IRS Argues

The IRS told a Texas federal court Wednesday to reject a quick-win request from Anadarko Petroleum Corp., saying the oil company is playing the victim, while Anadarko said the government is just restating the same arguments. Read more »

Union Pacific Urges Justices To Preserve Win On Stocks

The Union Pacific Railroad Co. urged the U.S. Supreme Court on Thursday not to overturn its victory in the Eighth Circuit that deemed its stock options for employees nontaxable, even if the high court rules against railroad companies in a similar and separate case before it. Read more »

STATE & LOCAL

Pa. Justices To Weigh Broadness Of Business Privilege Tax

The Pennsylvania Supreme Court agreed Wednesday to review whether a business privilege tax provision in a city ordinance was properly interpreted to prevent a freight broker from claiming a tax deduction based on customer payments it passed through to freight carriers. Read more »

Expedia, Others Join Bid To Toss Overcharging Suit

Hotel booking websites Expedia Inc., Hotels.com LP and Travelscape LLC on Thursday urged a South Carolina court to throw out a proposed class action alleging they overcharged state residents for taxes and fees, saying the court has no jurisdiction over the matter. Read more »

Pennsylvania Withdraws Objection To Refinery Bankruptcy

Pennsylvania tax officials on Wednesday withdrew their objection to Philadelphia Energy Solutions LLC's fast-track prepack Chapter 11 plan, saying the oil refinery agreed to amend the plan to preserve the state’s right to collect on a $3.8 billion tax claim. Read more »

INTERNATIONAL

OECD Adds Guidance On Transfer-Pricing Taxation

The Organization for Economic Cooperation and Development issued guidelines Thursday that draw on public input as to how multinational companies should attribute profits to permanent establishments, focusing on warehousing, procurement and certain outsourcing contracts as part of its effort to prevent tax avoidance. Read more »

Ireland Urges EU To Hit The Brakes On Digital Tax Rules

The European Commission should wait for international consensus before moving forward with the “rushed” proposal of a revenue-based digital services tax, the Irish government said Wednesday, arguing that the measure likely would disadvantage smaller member states. Read more »

EXPERT ANALYSIS

How FERC Is Acting On Income Tax Allowances And The TCJA

The Federal Energy Regulatory Commission acted swiftly to respond to the recent United Airlines v. FERC decision regarding income tax allowances, as well as to implement changes stemming from the Tax Cuts and Jobs Act. FERC's actions are meant to ensure that ratepayers see the benefits of lower corporate tax rates, say attorneys with Husch Blackwell LLP. Read more »

Expats Beware: OVDP Is Over In September

U.S. taxpayers with undisclosed foreign accounts need to act soon as the IRS is ending its offshore voluntary disclosure program in six months, says Glen Frost of American Citizens Abroad. Read more »

Tax Reform Is Hurting Foreign Investors In The US

The Tax Cuts and Jobs Act has codified a previous revenue ruling in a fairly controversial area of partnership tax law, in a potential disappointment to non-U.S. investors in domestic partnerships and practitioners who questioned the authority for issuing the ruling in the first place, say Michele Alexander and Ryan Davis of Bracewell LLP. Read more »

Opinion

Companies Should Avoid The BigLaw Bonus Structure

Since passage of the Trump tax plan last year, companies have been touting bonuses they’ve handed down to rank-and-file employees. This highlights the trend of employers favoring bonuses over pay raises in the belief that variable, short-term rewards are less risky to the business than permanent increases in labor costs. But law firms have been using this strategy for years — and there are dangers, says Michael Moradzadeh of Rimon PC. Read more »

LEGAL INDUSTRY

Freshfields Reports 13.9% Gender Pay Gap In UK

Global law firm Freshfields Bruckhaus Deringer LLP has filed its gender pay gap report with the U.K. government, revealing a 13.9 percent gap between average hourly pay of male and female employees in its London and Manchester offices. Read more »

Calif. Bar Committee Has Anti-Competitive Bent, Suit Says

A San Jose law school slapped the State Bar of California with a federal antitrust lawsuit Wednesday, claiming an agency committee that reviews law school accreditation matters is structured to favor certain schools. Read more »

Law360's Weekly Verdict: Legal Lions & Lambs

Topping this week's legal lions list is a team of attorneys from Labaton Sucharow LLP who secured two SEC whistleblower awards worth roughly $83 million for three tipsters, the agency's largest award ever, while now-departed Latham & Watkins LLP Chair Bill Voge heads up the legal lambs list over the behavior, which included sending sexually explicit messages, that led to his resignation. Read more »

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COMPANIES

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