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Tuesday, April 10, 2018

TOP NEWS

House Committee Seeks To Make Federal Tax Cuts Permanent

The House Committee on Ways and Means is working to pass more federal tax reform legislation, which would include making the individual tax cuts of the recent tax overhaul permanent, a key staffer said Monday. Read more »

E-Sellers' Bid To Keep Quill Ignores Case Law, SD Says

The online retailers fighting use tax collection as defendants in the biggest state tax case to be heard by the U.S. Supreme Court in decades were unable to base their arguments in case law and have tried to influence the court by making a policy argument, South Dakota said Monday in a reply brief. Read more »

1st Circ. Reverses Retirement Fund Transfers Ruling

A split First Circuit panel reversed a U.S. Tax Court ruling on Friday, finding that two brothers accused of exceeding contribution limits on their retirement accounts had engaged in legal transactions, holding that the IRS can't recharacterize account transfers that the agency argued flouted congressional intent. Read more »

Feds Raid Trump Atty Cohen's Office, Seize Emails

Federal investigators searched attorney Michael Cohen's office, seizing records related to payments to adult film actress Stormy Daniels and possibly communications between Cohen and his longtime client President Donald Trump, according to reports on Monday. Read more »

Tax Cuts, Spending Add $2.7T To Projected Deficit, CBO Says

Legislative changes passed in recent months, including the new federal tax law, are estimated to increase the budget deficit by $2.7 trillion more than previously projected over the next decade, according to a Monday report from the Congressional Budget Office. Read more »

FEDERAL

IRS Guidance Needed on Pass-Through Terms, Panelist Says

Taxpayers need further guidance from the U.S. Treasury Department about the recently passed federal tax law’s pass-through provision, which may impact how taxpayers choose to structure business entities, a panelist at a Brookings Institution conference said Monday. Read more »

NY Jury Gets Case Against UK Atty Eyed In Heirs' Tax Dodge

A Manhattan jury on Monday began deliberating the fate of English attorney Michael Little, who is accused by federal prosecutors of helping the heirs of investor Harry Seggerman avoid taxes on $14 million of inheritance money and of dodging his own taxes. Read more »

Gov't Skirts Regs In Resisting $26M Tax Refund, Oil Co. Says

The U.S. government is relying on assumptions rather than regulations in arguing that Anadarko Petroleum Corp. doesn’t deserve a $26 million tax refund for losses tied to its assets in Venezuela, the oil company told a Texas federal court on Friday. Read more »

ICE Arrests Dozens As Feds Probe $2.5M Tax Evasion Scheme

Federal immigration agents have carried out what immigration advocates are calling the largest operation targeting unauthorized immigrants in years, arresting 97 individuals as part of a tax evasion probe that contends a Tennessee meat processing plant underpaid the government approximately $2.5 million in payroll taxes over a three-year period. Read more »

Democratic AGs Wade Into Fight Over Future Of ACA

Democratic attorneys general from 16 states and the District of Columbia asked to intervene in a lawsuit aiming to put an end to the Affordable Care Act, telling a Texas federal judge Monday that their states stand to lose around $500 billion if the challenge to the law is successful. Read more »

EXPERT ANALYSIS

Combating Employee Phishing Scams During Tax Season

Tax season can be daunting and downright frightening without the added fear of tax scams that seek to siphon money from you and your employees. This year, the IRS and FBI are warning employers about a new surge in Form W-2 phishing scams, urging all employers not only to educate their payroll personnel but also to develop incident response plan and reporting protocols, say Matt Todd and Teri Nguyen of Polsinelli PC. Read more »

AMT Credit Carryovers: Which Limitations Apply?

The Tax Cuts and Jobs Act eliminated the corporate alternative minimum tax, but taxpayers should be cognizant of the rules that could limit or eliminate the ability to refund the AMT credits. Future IRS guidance may address the issue, but there are steps taxpayers can take in the meantime to determine how best to allocate their AMT credits, says Todd Reinstein of Pepper Hamilton LLP. Read more »

Series

Dissolving Practice: Partner Agreement Clauses That Can Help

Given the competing public policies of protecting clients’ right to counsel of their choice, lawyer mobility, and the fiduciary duty partners owe to a dissolved firm, it behooves law firms to carefully review their partnership agreements to make sure they adequately spell out what happens in the unfortunate event that the law firm chooses to wind down, say Leslie Corwin and Rachel Sims of Blank Rome LLP. Read more »

LEGAL INDUSTRY

Analysis

The Junior Justice: A Look Back At Gorsuch’s 1st Year

In his first year on the U.S. Supreme Court, Justice Neil M. Gorsuch has staked out a position in the court’s far right camp, but the junior justice has yet to face the most controversial decisions. Here, Law360 pores over the Trump appointee’s record on the court so far. Read more »

Analysis

15 Minutes With The Cheesecake Factory’s General Counsel

After nearly two decades at The Cheesecake Factory, Debby Zurzolo is set to retire on Thursday. Here, the executive vice president, general counsel and secretary thinks back on what the company has done to remain relevant in the evolving restaurant industry, and looks forward to her upcoming post-retirement plans. Read more »

Atty Convicted Of Coercing Clients Into Sex Gets 80 Years

A Texas state jury sentenced a San Antonio attorney to 80 years in prison for pressuring clients to have sex with him in exchange for legal services, a Bexar County district attorney spokesperson told Law360 on Monday. Read more »

Senate Advances Trump Judicial Pick For 2 Ky. Districts

The Senate moved toward a final vote Monday on President Donald Trump’s latest judicial confirmation, a joint nominee for two districts in Kentucky. Read more »

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