Expansion of the Office of Management and Budget=E2=80=99s authority to r= eview certain regulations issued by the U.S. Treasury and the IRS, now bein= g negotiated, could burden taxpayers and tax practitioners with costly dela= ys in the issuance and implementation of guidance, particularly with regard= to the new tax law.

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Monday, April 2, 2018

TOP NEWS

=09=09=09=09=09=09=09=09=09=09

=09=09=09=09

Analysis

Expanded OMB Oversight= Could Cause Taxpayer Headaches

Expansion of the Office of Management and Budget’s authority to= review certain regulations issued by the U.S. Treasury and the IRS, now be= ing negotiated, could burden taxpayers and tax practitioners with costly de= lays in the issuance and implementation of guidance, particularly with rega= rd to the new tax law. Read more »

=09=09=09=09 =09=09=09=09

NY Passes $168.3B Budget= , Becoming 1st To Tackle TCJA

The New York Legislature passed a $168.3 billion budget early Saturda= y that includes the first attempt by a state to take on parts of the recent= federal tax overhaul, rejiggering the state tax code, creating an optional= payroll tax and allowing for the creation of state and local charitable fu= nds to promote donations in exchange for tax breaks. Read more »

=09=09=09=09 =09=09=09=09

The Lateral Audit: Tax Attorne= y Moves in March

In the latest edition of the Laterals Audit, Dentons boosts its= international tax practice, Weil Gotshal & Manges LLP gets a new partner a= nd Lucy Lee joins Greenberg Traurig LLP. Read more »

FEDERAL

=09=09=09=09=09=09=09=09=09=09

=09=09=09=09 =09=09=09=09

Exxon Asks Fed. Cou= rt For Quick Win In IRS Credit Dispute

Exxon Mobil Corp. on Thursday asked a federal court in Texas to give = it a quick victory in its tax dispute with the Internal Revenue Service, sa= ying it is entitled to $337 million in refunds by deducting the full amount= of excise taxes from its cost of goods sold before using tax credits again= st them. Read more »

=09=09=09=09 =09=09=09=09

Feds Seek 2 Years For = Ex-Illinois Rep. For Tax Evasion

Prosecutors urged an Illinois federal judge Friday to sentence former= Congressman Melvin Reynolds to roughly two years in prison for failing to = file federal income tax returns on more than $400,000, saying his prior dis= regard for the law warrants a longer hitch. Read more »

=09=09=09=09 =09=09=09=09

House Panel Skewe= rs Puerto Rico Fiscal Board's Performance

The federal board charged with stewarding Puerto Rico's financial reh= abilitation has fallen well short of expectations since it was installed ne= arly two years ago, a U.S. House committee said in a letter Thursday, compl= aining the board must do more to reach debt restructuring deals with the te= rritory's creditors. Read more »

INTERNATIONAL

=09=09=09=09=09=09=09=09=09=09

=09=09=09=09 =09=09=09=09

UK Litigation Round= up: Here's What You Missed In London

The last week has seen more than a dozen former professional soccer p= layers sue several financial advisers, the former owner of now-insolvent Br= itish fashion chain Jaeger lodge a contract dispute against Lloyds Bank and= a private equity fund that bought him out, and Denmark's tax authority lod= ge an action against Barclays and other firms. Here, Law360 looks at those = and other new claims in the U.K. Read more »

Q&A

=09=09=09=09=09=09=09=09=09= =09

=09=09=09=09

Q&A

Goodwin Liu Talks = Academia, Constitutional Law, Oxtail Stew

California Supreme Court Associate Justice Goodwin Liu discusses his = interest in constitutional law, the transition from academia to judgeship, = and the challenges that Asian-Americans currently face in the legal industr= y, as well as some of his personal hobbies. Read more »

EXPERT ANALYSIS

=09=09=09=09=09=09=09=09=09= =09

=09=09=09=09 =09=09=09=09

Prosecutors Should = Be Wary Of Overreach After Marinello

The U.S. Supreme Court's rejection of the government’s broad in= terpretation of a criminal tax obstruction statute in Marinello may have im= plications for special counsel Robert Mueller’s indictments and the c= ase involving alleged leaks from the Public Company Accounting Oversight Bo= ard, say attorneys with Brown Rudnick LLP. Read more »

=09=09=09=09 =09=09=09=09

Single Factor Incom= e Apportionment: Inconsistent Standard

A majority of states claim that in-state sales are sufficient nexus t= o collect corporate income tax from businesses physically located across st= ate lines, but income apportionment methods are inconsistent. Companies nee= d to be prepared for the day one state seeks to collect a share of income t= ax that's already been paid to another, says Glenn Newman of Greenberg Trau= rig LLP. Read more »

=09=09=09=09 =09=09=09=09

Lower Middle Marke= t Gets More Attractive After Tax Reform

When considered together with the new corporate tax rate and other ap= plicable rules in the Tax Cuts and Jobs Act, the Section 1202 exemption may= enable private equity firms focused on lower-middle-market deals to put mo= re cash in partners’ pockets, says Frank Cordero of Akerman LLP. Read more »

=09=09=09=09

Opinion

BigLaw Doesn't Have A Diversity Prob= lem

Although the lack of racial and gender diversity among the ranks of t= he majority of both midsized and top law firms is a major issue, it’s= past time to shed light on the real problem — inclusion, or lack the= reof, says Marlen Whitley of Reed Smith LLP.=20 Read more »

LEGAL INDUSTRY

=09=09=09=09=09=09=09=09=09=09

=09=09=09=09=09

Feature

5 Ways To Know You're Ready To G= o In-House

Whether it's a desire to be part of a cohesive team working toward a= common goal or to apply a passion for business, there are a variety of rea= sons for both new and experienced lawyers to consider an in-house position.= Here, Law360 looks at five indicators that can help attorneys decide wheth= er in-house jobs are suitable for their lifestyles and professional goals. = =09=09=09=09=09 =09=09=09=09=09

McDermott Nabs 50 DLA = Piper Attys, Expects $100M Boost

Illinois-based McDermott Will & Emery LLP has hired approximatel= y 50 DLA Piper attorneys across the country for its real estate finance, em= ployment and litigation groups and has plans to open a new office in San Fr= ancisco this year, according to an internal memo Law360 obtained Friday. Read more »

=09=09=09=09=09 =09=09=09=09=09

Foley, Gardere Strike D= eal To Form $830M Revenue Firm

Foley & Lardner LLP and Gardere Wynne Sewell LLP said Frida= y they have agreed to combine, giving Foley a significant presenc= e in the growing legal hot spot of Texas and pushing the new firm up to the= top tier of BigLaw with a combined $830 million in revenue. R= ead more »

=09=09=09=09=09 =09=09=09=09=09

Consovoy McCarthy= Will Represent Trump In Emoluments Suit

Consovoy McCarthy Park PLLC announced on Friday that it will represe= nt President Donald Trump in a Maryland federal lawsuit alleging his undive= sted business interests violate the U.S. Constitution, specifically emolume= nts clauses that bar gifts or payments from foreign powers. Read more »

=09=09=09=09=09 =09=09=09=09=09

Feinstein Calls For= Bipartisan Process On 9th Circ. Pick

Sen. Dianne Feinstein, D-Calif., defended her state’s bip= artisan judicial nomination process Friday in the wake of the death of U.S.= Circuit Judge Stephen Reinhardt, saying she would defend the Ninth Ci= rcuit from a “partisan attack” by President Donald Trump. = Read more »

=09=09=09=09=09

Podcast

Law360's Pro Say:= Is Time Up For BigLaw Arbitration Pacts?

On the latest episode of Law360's Pro Say podcast, we discuss how Mu= nger Tolles dropping mandatory arbitration agreements may be the start of B= igLaw's #MeToo reckoning; Oracle's billion-dollar copyright case against Go= ogle; associates held in contempt for following partners' orders; and a fam= ous drummer-turned-doctor who rushed to the aid of a juror during his own m= edical malpractice trial. Read more »

=09=09=09=09=09

Feature

GC Cheat Sheet: The= Hottest Corporate News Of The Week

More than a dozen attorneys have attained all-star recognition among= corporate counsel for at least the second consecutive year for commitment = to their clients, a report found that leaders of businesses’ legal de= partments value unmatched client focus and experience from their outside co= unsel above all other traits, and Vimeo General Counsel Michael Cheah spoke= to Law360 about why he’s on the front lines of the fight over t= he future of net neutrality. These are some of the stories in corporate leg= al news you may have missed in the past week. Read mo= re »

=09=09=09=09=09 =09=09=09=09=09

In Case You Misse= d It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stori= es and expert analyses that generated the most buzz on Law360 last week. Read more »

JOBS
Search full listings or advertise your job opening=09=09=09

=09=09=09=09=09=09 =09=09=09=09=09=09 =09=09=09=09=09=09 =09=09=09=09=09=09

NJ TOP TEN LAW FIRM PARTNER Schoen Legal Search Short Hills, New Jersey	Tax Attorney Chiesa Shahinian & Giantomasi PC West Orange, New Jersey
Trust & Estate Lit= igation Associate (Mid-Level) Hopkins & Carley Silicon Valley, California	Trust & Estate Litiga= tion Associate (2-4 yrs) Hopkins & Carley Silicon Valley, California

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LAW FIRMS

Charles Russell Speechly= s

Rosenblatt Solicitors

Steptoe & Johnson LLP<= /p>

COMPANIES

American Bar Associ= ation

Andersen Corporation<= /p>

Andersen Tax LLC

Apple Inc.

Associated For= eign Exchange Inc.

Association o= f Corporate Counsel

BTI Consulting Grou= p Inc.

Barclays PLC

Best Buy Co.

Citizens for Responsibility and Ethics in Washington

Coutts & Co.

Davids= on Kempner Capital Management LLC

Deloitte Touche

Deutsche Bank AG

ED&F Man Capi= tal Markets Ltd.

ESPN Inc.

Exxon Mobil Corporatio= n

Facebook

Fairfax Financi= al Holdings Ltd.

Kaufman Rossin & Co.=

Kraft Foods Inc.

Lloyds Bank PLC

Lyft Inc.

Major Lindsey & Afric= a

Manchester United

New York University

NuStar

Publ= ic Company Accounting Oversight Board

Quill Corp.

Spokeo Inc.

TAM SA

The American Law In= stitute

Trump Organization Inc.=

Twitter Inc.

Wayfair LLC

Zeughauser Group LLC<= /p>

GOVERNMENT = AGENCIES

Bureau of Labor Sta= tistics

California Franc= hise Tax Board

Delaware Court of C= hancery

Executive Off= ice of the President

Federal Election Co= mmission

Federal Trade Commissi= on

Internal Revenue Servi= ce

Legal Services Corp.

Maryland Att= orney General's Office

U.S. Air Force

U.S. Commission = on Civil Rights

U.S. Department of = Justice

U.S. Department = of the Treasury

U.S. House of Repr= esentatives

U.S. Senate

U.S. Supreme Court

U.S. Uniform Law Co= mmission

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