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Tuesday, April 3, 2018

TOP NEWS

Interim IRS Guidance Covers Tax Withholding In Partner Sales

The Internal Revenue Service released interim guidance on Monday to enact a portion of the new federal tax law requiring a withholding tax on transfers of nonpublicly traded partnership interests held by foreign individuals or corporations. Read more »

IRS To Clarify Transition Tax Elections In Future Guidance

The Internal Revenue Service signaled a slew of upcoming regulations Monday that will further flesh out how companies can calculate overseas earnings when they bring them back to the U.S. under the recently enacted tax overhaul, including guidance on different accounting choices. Read more »

Justices Deny Cert On Duty-Free Gross Receipts Tax Case

The U.S. Supreme Court on Monday decided not to hear a challenge to a Virginia Supreme Court decision that said the imposition of a Loudoun County gross receipts tax on the sale of duty-free items sold at Dulles International Airport was unconstitutional because it violated the U.S Constitution's import-export clause. Read more »

BakerHostetler Shuts Down Hermitage’s DQ Sanction Bid

Just because investment company Hermitage Capital Management Ltd. ultimately won a long battle to see its former firm, BakerHostetler, removed as counsel for another company charged as part of a massive tax fraud fracas doesn’t mean the law firm didn’t have good reason to try to stay in the case, a New York federal judge said Friday. Read more »

High Court Won't Hear Sen. Paul, Republicans’ FATCA Suit

The U.S. Supreme Court on Monday declined to take up a challenge to the Foreign Account Tax Compliance Act led by Sen. Rand Paul, R-Ky., and American expatriates, who had argued the international tax collection law's intergovernmental agreements, reporting requirements and penalties violated constitutional provisions. Read more »

FEDERAL

CPA Group Asks Treasury For Clarity On Biz Meal Deductions

The American Institute of Certified Public Accountants asked the U.S. Department of the Treasury on Monday to come up with a process to help employers in the restaurant and food service industry comply with the new federal tax law’s restrictions on tax deductions for employer-provided business meals. Read more »

Preparers Slam IRS Bid At DC Circ. To Revive $37.6M In Fees

A group of tax preparers on Monday urged the D.C. Circuit to uphold a federal court decision that found the IRS lacked the authority to charge $37.6 million in fees to issue and renew preparer tax identification numbers, arguing in an appellee brief the agency still had not offered any legitimate reason for doing so. Read more »

Facebook Says IRS' Use Of Evidence 'Inaccurate' In Tax Fight

Facebook has challenged the government’s reliance on a 2013 report by the national taxpayer advocate in a legal battle over whether the company can access the Internal Revenue Service appeals over adjustments to its 2008 and 2010 taxes, claiming the report is "inaccurate" as it no longer represents the advocate's position in an objection to evidence filed Friday in California federal court. Read more »

STATE & LOCAL

Analysis

‘Radical Change’ In Auto Technology Threatens Tax Base

High tech advances in the automotive sector, including increased fuel efficiency, better batteries and driverless cars, will bring “radical change” and a level of societal disruption not seen in 100 years, experts say, including threats to traditional taxation and fiscal funding. Read more »

INTERNATIONAL

UK Registering Non-EU Seller Warehouses In VAT Fraud Fight

The U.K. tax authority on Sunday began the process of registering domestic warehouse businesses that distribute goods for online sellers based outside the European Union, to ensure those sellers properly assess value-added tax on their U.K. customers’ purchases. Read more »

EXPERT ANALYSIS

Mueller's Innovative Use Of Money Laundering Statute

The U.S. special counsel, Robert Mueller, has shown a willingness to use the money laundering statute in unique ways to further the investigation into links between the Trump campaign and the Russian government, say Solomon Wisenberg and Graham Billings of Nelson Mullins Riley & Scarborough LLP. Read more »

Opinion

TCJA Replaced The 1986 Tax Act, But Is It Tax Reform?

The Tax Cuts and Jobs Act upended both the objectives and specific provisions of the Tax Act of 1986, but the question remains, can it achieve its stated goals? It is unclear whether promised efficiency gains will be realized and unlikely that, on the whole, it's changes will result in meaningful, lasting reform, says Harvey Galper, visiting fellow at the Tax Policy Center in Washington, D.C. Read more »

LEGAL INDUSTRY

Feature

How Law Firms Can Combat Sexual Harassment

A newly updated handbook from the American Bar Association offers a guide for law firms on how to prevent sexual harassment in the workplace and properly address it when it happens. Here, Law360 takes a deep dive into how firms can fight harassment. Read more »

Courts Improperly Spent $200M In PACER Fees, Judge Rules

A Washington, D.C., federal judge on Saturday granted a partial win for PACER users, finding that the judiciary inappropriately used almost $200 million in fees collected via the online federal courts documents portal from 2010 to 2016 to fund other projects, in breach of federal law. Read more »

Defense Atty, Mass. Bar Pan DQ Bid In Corruption Case

Boston attorney Howard Cooper of Todd & Weld LLP and the Massachusetts Bar Association on Monday assailed federal prosecutors who claim Cooper is too ensnared in former Democratic state Sen. Brian Joyce’s alleged fraud and racketeering activity to represent him at trial, saying the request for disqualification flies in the face of constitutional law. Read more »

Feature

15 Minutes With Accenture's General Counsel

Chad Jerdee joined Accenture as a senior counsel two decades ago and has moved up the ranks over the years, serving as its general counsel and chief compliance officer since 2015. Here, Jerdee shares his thoughts with Law360 on the changing roles of in-house and outside counsel, his effort to shrink the number of law firms his organization uses, and his thoughts on professional networking and football games. Read more »

The Top In-House Hires Of March

The notable legal department hires during the third month of 2018 included new GCs at Miramax, Sallie Mae and Merck, as well as a recent hire for litigation director at Lambda Legal. Read more »

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