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Monday, April 9, 2018

TOP NEWS

Feature

5 Changes In Partnership Audit Rules You May Have Missed

The $1.3 trillion omnibus spending plan passed last month averted a government shutdown, but it also included key amendments to the centralized partnership audit tax regime. Here are five things to note about the new rules. Read more »

CPA Group Calls For Practitioner Services Unit At IRS

The American Institute of Certified Public Accountants told lawmakers on the House Ways and Means Committee on Friday that it would like to see a practitioner services division created at the Internal Revenue Service, with a focus on taxpayer services, as part of the committee’s IRS overhaul bill. Read more »

House Chair Defends Tax Law Amid March Jobs Figures

Chairman of the House Ways and Means Committee Kevin Brady, R-Texas, defended the new federal tax law on Friday after the March jobs report, released by the Bureau of Labor Statistics, failed to meet expectations. Read more »

Potential Trade War Could Outweigh Fed. Tax Law Benefits

A tariff war that could raise a threat to international commerce between the U.S. and China could also negate many of the effects of the federal tax overhaul. Read more »

Taxation With Representation: Gibson, Fried Frank, Schulte

In this week’s Taxation With Representation, MGM Growth Properties acquired Hard Rock’s Ohio Rocksino for $1.06 billion, GMS bought WSB Titan for $627 million and Veritas Capital snapped up a trio of GE Healthcare assets for $1.05 billion. Read more »

FEDERAL

Analysis

How Attorneys Are Crafting Benefits For Millennials

The importance of millennials in the workforce is reshaping the benefits landscape and has companies scrambling to come up with novel ways to accommodate a mobile generation that craves a healthy work-life balance. Here, experts discuss some of the creative benefits that are being put on the table and the potential legal pitfalls they face. Read more »

'Jersey Shore' Star, Brother Sentencings Delayed In Tax Case

A New Jersey federal court on Thursday postponed the sentencings of “Jersey Shore” star Michael “The Situation” Sorrentino and his brother, Marc Sorrentino, on tax-related charges after defense counsel said an accountant needs more time to complete the reality TV personality’s tax returns. Read more »

Okla. Tribe To Seek High Court Review Of $27M Tax Ruling

The Citizen Potawatomi Nation on Thursday asked a federal court to put a hold on its arbitration suit against Oklahoma until the tribe can ask the U.S. Supreme Court to review a Tenth Circuit order vacating an award that freed the tribe from paying $27 million in alcohol sales taxes. Read more »

STATE & LOCAL

NJ Appeals Panel Denies Revival Of Redevelopment Challenge

The New Jersey Superior Court Appellate Division refused on Friday to revive a business’ challenge of a redevelopment project in Orange, saying no evidence was provided that the developer and the city’s elected officials ran afoul of state law when they entered into a redevelopment agreement. Read more »

Texas Claims Soverign Immunity For Strip Club's Appeal

The Texas comptroller in the state Court of Appeals on Friday said that the state had sovereign immunity from a strip club’s appeal of assessed sexually oriented business fees, in a case being closely watched by several other strip clubs that have pending state appellate court appeals. Read more »

INTERNATIONAL

EU Approves Tax-Relief Schemes In France, Italy, Portugal

The European Union’s executive body on Friday approved tax breaks for the French post office, investors in earthquake-damaged areas of Italy and Portugal’s maritime shipping industry, declaring all three schemes in line with EU rules on state aid to businesses. Read more »

Ex-HSBC Whistleblower Released As New EU Laws Loom

A former employee of HSBC Group Holdings PLC, who is wanted by Switzerland for leaking information about prominent clients to tax authorities, has been released from custody by a Spanish court, drawing approval from European Union lawmakers campaigning for stronger laws to protect whistleblowers. Read more »

Int'l Tax Windfalls From States Unlikely, Specialist Says

States will probably prevent their residents from realizing the best-case scenarios under the new U.S. tax law’s international measures, a Baker Botts LLP partner said during a webcast on Thursday, noting that the worst-case scenarios aren’t off the table either. Read more »

EXPERT ANALYSIS

Tax Reform, Hollywood And The Gray Lady: What’s News Now

While the media has been reporting on tax reform, tax reform will impact the media industry itself. Reform's effects are numerous, from a reduction in tax rates and new deductions to the loss of important deductions and new international regimes that have kept tax experts waiting in anticipation of further guidance, say attorneys Michele Alexander and Ryan Davis of Bracewell LLP. Read more »

Series

Dissolving Practice: The Unfinished Business Doctrine

There has been, of late, significant dispute as to the application of the unfinished business doctrine, particularly with respect to hourly rate matters of now-dissolved large law firms. And the California Supreme Court’s recent decision in Heller Ehrman, like others as to similar points, is highly questionable, says Thomas Rutledge of Stoll Keenon Ogden PLLC. Read more »

LEGAL INDUSTRY

Analysis

ABA To Cut Staff And Restructure Amid Membership Slump

Layoffs have hit the American Bar Association following years of declining membership rates, with approximately 4 percent of its workforce expected to get a pink slip or accept a voluntary buyout by mid-April as major organizational changes are implemented. Read more »

Legal Industry Caps Off Sluggish Q1 With Small Jobs Gain

Despite a gain of 400 jobs in March, the legal services sector has struggled to pick back up after job losses recorded at the beginning of the year, finishing the first quarter with more than 1,000 fewer jobs than at the end of 2017, according to a report on Friday by the Bureau of Labor Statistics. Read more »

Feature

The 5 Traits CLOs Will Seek In Their Next In-House Hires

Leaders of corporate legal departments looking to select their next in-house attorneys, either to replace outgoing lawyers or expand their staffs, are prioritizing certain professional skills above others. Here, experts shared the characteristics that could boost lawyers' resumes when applying for in-house roles this year. Read more »

Feature

GC Cheat Sheet: The Hottest Corporate News Of The Week

An analysis found that women earn less than men in nearly every occupation across all wage levels, Facebook now estimates the data of roughly 87 million users — not the previously believed 50 million — was improperly shared with Cambridge Analytica, and a survey revealed that general counsels would prefer to bring additional talent in-house rather than rely on outside counsel. These are some of the stories in corporate legal news you may have missed in the past week. Read more »

Podcast

Law360's Pro Say: Should College Athletes Be Paid?

On the latest episode of Law360's Pro Say podcast, we discuss a major case headed to trial over whether college athletes should be paid; a U.S. Supreme Court ruling on overtime pay; a judge saying courts improperly used the fees from PACER; and an Iowa man who was threatened with lawsuits when he said his town smelled like “rancid dog food.” Read more »

In Case You Missed It: Hottest Firms And Stories On Law360

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

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Medical Action Industries Inc.

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National Women's Law Center

New York Times Co.

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YouTube Inc.

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