The U.S. Tax Court and the First Circuit recently reached opposite conclu= sions in two similar cases on the taxability of individual retirement accou= nt contributions, but the Tax Court may be hard-pressed to follow the appel= late court=E2=80=99s more taxpayer-friendly decision if it means weakening = an important tool for the Internal Revenue Service to enforce tax laws.

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Friday, April 13, 2018

TOP NEWS

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Analysis

Tax Court Unlikely = To Be Swayed By 1st Circ. IRA Ruling

The U.S. Tax Court and the First Circuit recently reached opposite co= nclusions in two similar cases on the taxability of individual retirement a= ccount contributions, but the Tax Court may be hard-pressed to follow the a= ppellate court’s more taxpayer-friendly decision if it means weakenin= g an important tool for the Internal Revenue Service to enforce tax laws. Read more »

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Future Tax Regulati= ons No Longer Exempt From OMB Reviews

Proposed tax regulations will no longer be exempt from the review pro= cess most other federal regulations undergo, the Office of Management and B= udget and the U.S. Department of the Treasury announced Thursday in a memor= andum of agreement. Read more »

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IRS To Issue Tax Law F= orms And Instructions By Summer

The Internal Revenue Service will publish new forms = and instructions related to the recent tax overhaul legislation by this sum= mer, the agency’s top official told lawmakers on Thursday. Read more »

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NJ Assembly Passes = Charitable Donation SALT Workaround

A bill in the New Jersey Legislature that would provide property tax = credits to taxpayers making certain qualified charitable donations — = an effort to counter a provision in the federal tax reform law that limits = federal state and local tax deductions to $10,000 — passed both house= s Thursday, making its way to Gov. Phil Murphy. Read more »

FEDERAL

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OMB May Review Pass= -Through Provision, Treasury GC Says

The pass-through provision included in the recent federal tax overhau= l legislation likely will be reviewed by the Office of Management and Budge= t, the U.S. Treasury Department general counsel told senators on Thursday. Read more »

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Ex-CFO Of 'Soup Nazi' C= o. Gets 9 Months For Tax Evasion

The former chief financial officer of the business popularized by the= "Soup Nazi" character in the sitcom "Seinfeld" received a nine-month sente= nce on Thursday in New York federal court for failing to pay federal income= , Medicare and Social Security taxes. Read more »

STATE & LOCAL

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Oregon High Court Knock= s Down Multistate Tax Compact

The Multistate Tax Compact cases at the state level ended Thursday wh= en the Oregon Supreme Court upheld a lower court’s ruling that the co= mpact is not binding on member states, and that the Oregon Legislature was = entitled to compel Health Net Inc. to use a single sales factor apportionme= nt method. Read more »

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Calif. Appeals Cour= t Denies Challenge To Local Water Tax

A California appeals court on Wednesday denied a taxpayer association= ’s bid to revive a suit contesting a water management district’= s ordinance imposing a water supply charge, saying the ordinance didn’= ;t require a vote and was not unconstitutional. Read more »

INTERNATIONAL

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India Moves To Require= More Data From Multinationals

India's Finance Ministry has proposed a rule change in which subsidia= ries of multinationals seeking advance rulings regarding what triggers taxa= ble activity in cross-border transactions would have to submit information = about their parent companies, in keeping with the Organization for Economic= Cooperation and Development’s transparency recommendations. Read more »

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Low-Income Workers = Missing Pension Tax Break, Report Says

Thousands of poorer British workers may be losing out on a 20 percent= income tax break on their retirement savings due to a gap in U.K. pensions= legislation, a consultancy warned on Thursday. Read more »

PEOPLE

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Aronberg Goldgehn = Adds Estate, Tax Planning Pro In Chicago

Aronberg Goldgehn Davis & Garmisa has scooped up former Ginsberg Jaco= bs LLC attorney Michaeline Gordon for its estate planning and taxation and = business planning teams in Chicago, the firm announced, touting Gordon̵= 7;s experience in working with business owners and high-net worth individua= ls of all different backgrounds. Read more »

EXPERT ANALYSIS

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4 Nettlesome Issues For P= rivate Equity Management

Tax reform's modification of the carried interest rules received a lo= t of attention. However, reform did little else to alter the private equity= landscape, and private equity portfolio managers still must address four p= articularly troublesome compensation issues, says Benjamin Ferrucci, a part= ner at Locke Lord LLP in Boston. Read more »

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Finance-Savvy Mille= nnials Are Shifting Business Of Law

The impact of millennials has already been felt within the legal comm= unity by our eagerness to embrace new technologies. One way that we will ha= ve potentially even more impact lies in our willingness to embrace new ways= of developing business and financing law, says Michael Perich of Burford C= apital LLC. Read more »

LEGAL INDUSTRY

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Firms Without Women Won'= t Get Our Business, GCs Say

If a law firm hasn’t made gender diversity a priority in its t= eams handling corporate cases, it won’t be competitive for company bu= siness, a panel of general counsel for major companies said at a conference= on women in the courtroom in Chicago Thursday. Read more »=

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No-Poach Guidance Caugh= t In-House Counsel Off Guard

Corporate legal departments were caught off guard by the U.S. Depart= ment of Justice’s 2016 guidance signalling that the agency would crim= inally prosecute certain employment-related agreements between companies, a= nd a panel of in-house leaders said Thursday they’re waiting for furt= her developments in the space. Read more »

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Minority Lawye= rs Group Kicks Off Leadership Diversity Effort

The Minority Corporate Counsel Association has partnered with Micros= oft Corp. to launch a new data-driven initiative designed to give law firms= and legal departments a road map for how to cultivate a more diverse bench= of leaders, the organization said in a statement Thursday. Read more »

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Feature

For La. Judicial No= minee, The Safe Approach Turns Risky

Wendy Vitter, a Republican lawyer tapped by President Donald Trump f= or the federal bench in Louisiana, may be in store for a tumultuous fight f= or her appointment despite following the typically pallid game plan employe= d by nearly all judicial picks when they appear before congressional confir= mation hearings. Read more »

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Senate Confirms Trump's J= udicial Picks In Kan., Ky.

The Senate confirmed President Donald Trump's picks for judgeships i= n Kansas and the Western District of Kentucky Thursday, sending two private= practice attorneys to the federal bench. Read more »

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Fenwick To Move NY= C Office To Tech Hub Flatiron District

Fenwick & West LLP said Thursday it will more than double the fo= otprint of its New York City office when it relocates to the technology-fri= endly Flatiron District, a move the firm said will benefit its tech and lif= e sciences clients. Read more »

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Law360's Weekly Verdict: Legal L= ions & Lambs

Hogan Lovells LLP topped this week’s legal lions list, guiding= client Novartis on an $8.7 billion deal to take over gene therapy company = Avexis, while Kirkland & Ellis LLP ended up a legal lamb after a jury f= ound its client Apple willfully infringed a network security patent, p= otentially putting the tech giant on the hook for more than $1.5 billion in= damages. 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 =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=09=09=09

Associate Attorney - Estate P= lanning Law Monzingo Legal Hartford, Connecticut	Associate Attorney= - Bankruptcy and Debt Restructuring Monzingo Legal Cedar Rapids, Iowa
Paralegal - Commercial Real E= state Transactions Monzingo Legal Miami, Florida	Partner - Estate Planning Law Monzingo Legal Naples, Florida
NJ TOP TEN LAW FIRM PARTNER Schoen Legal Search Short Hills, New York	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

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Steptoe & Johnson LLP<= /p>

Taft Stettinius

Womble Bond Dickinson

COMPANIES

3M Company

AbbVie Inc.

American Bar Associ= ation

Apple Inc.

Barnes & Noble Inc.

Boy Scouts of America

Burford Capital LLC

Duke Energy Corporatio= n

FedEx Corporation

FirstEnergy Corp.

Google Inc.

Graphic Pack= aging Holding Company

Health Net, Inc.

In= ternational Business Machines Corporation

Johnson & Johnson

Kimberly-Clark Corp= oration

Kinder Morgan

Knorr-Bremse AG

Medtronic Inc.

Microsoft Corporation

National Express= Transit Corp.

Nationwide Mutu= al Insurance Co.

Novartis AG

Planned Parentho= od Federation

Procter & Gamble Co.=

Russell Reynol= ds Associates Inc.

Tax Foundation

Thomson Reuters Co= rporation

Toyota Motor Corpor= ation

Twitter Inc.

U.S. Foods Inc.

VirnetX Holding Co= rporation

GOVERNMENT = AGENCIES

Executive Off= ice of the President

Federal Trade Commissi= on

Internal Revenue Servi= ce

National Labor R= elations Board

New Jersey Legislature

Oregon Department = of Revenue

Oregon Legislature

U.S. Attorney's Offic= e

U.S. Department of = Justice

U.S. Department = of the Treasury

U.S. Supreme Court

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