In the aftermath of this week's breakdown of the IRS=E2=80=99 online = filing system, former IRS employees say the best way to prevent future fail= ures is to make sure the agency is appropriately funded by Congress.

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Friday, April 20, 2018

TOP NEWS

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Analysis

Poor Funding Is The Ro= ot Of IT System Failures At IRS

In the aftermath of this week's breakdown of the IRS’ online fi= ling system, former IRS employees say the best way to prevent future failur= es is to make sure the agency is appropriately funded by Congress. Read more »

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Hatch Signals Openn= ess To IRS Overhaul Passed By House

One day after the U.S. House of Representatives unanimously voted to = scrap the Internal Revenue Service’s Oversight Board, Senate Finance = Committee chairman Orrin Hatch, R-Utah, signaled Thursday he was open to co= nsidering the legislation. Read more »

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Digital Tax Not = Directed At US Tech Giants, EU Official Says

A European Union plan to tax companies’ digital revenue is not = intended to punish American tech giants but aims to bring fairness and fina= ncial stability to the bloc, the EU's tax policy chief said Thursday before= talks with U.S. officials on issues including the proposal. Read more »

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Wells Fargo Asks 8t= h Circ. To Salvage Foreign Tax Credits

Wells Fargo appealed the loss of foreign tax credits in a lawsuit ove= r a securities transaction worth more than $1.25 billion, telling the Eight= h Circuit Wednesday that a Minnesota federal court had wrongly allowed a ju= ry to decide its transaction was a sham. Read more »

FEDERAL

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7th Circ. Urged To = Revive Deutsche Bank Tax Shelter Suit

A former client of Deutsche Bank AG asked the Seventh Circuit on Thur= sday to revive his years-old lawsuit accusing the bank and other financial = advisers of breaching their fiduciary duties by advising him to set up an i= llegal tax shelter, saying the lower court incorrectly found he was not act= ively litigating his case during a 16-month gap in docket activity. Read more »

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Facebook, IRS Spar = Over Right To Appeal Tax Adjustments

Facebook Inc. and the IRS squared off in California federal court Thu= rsday over the government’s bid to toss Facebook’s lawsuit clai= ming the tech giant is entitled to contest the IRS’ tax adjustments i= n its independent appeals office, with Facebook arguing that the appeals pr= ocess could cut its taxes by billions. Read more »

STATE & LOCAL

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Analysis

Tax Debates Increas= ingly Settled By Voters At Ballot Box

An increasing number of state and local governments will turn to the = ballot box this fall, tax professionals said Thursday, as a way to settle c= ontentious debates over taxes that might otherwise prove unpopular or unpas= sable by lawmakers. Read more »

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Audit Doesn't Bar B= est Buy FCA Suit, Appeals Court Says

An Illinois appeals court has revived a False Claims Act suit against= Best Buy, finding that the state Department of Revenue’s initiation = of an audit of the store's sales tax calculation practices did not bar = ;a qui tam complaint. Read more »

INTERNATIONAL

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EU Parliament Vote= s In Tougher Financial Crime Prevention

The European Parliament overwhelmingly approved new legal measures to= crack down on money laundering and other financial crimes on Thursday, giv= ing European Union governments 18 months to transpose the directive in= to national law. Read more »

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UK Lawmaker Slams T= ax Inquiry’s ‘Inappropriate’ Handling

The U.K. tax authority’s handling of a tax and money-laundering= investigation has been “completely inappropriate,” a senior la= wmaker said Thursday when documents surfaced suggesting a political bias in= the treatment of telecom operator Lycamobile. Read more »

EXPERT ANALYSIS

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In Ohio, Tax Pendulum Sw= ings In Favor Of Freelancers

New tax provisions added as part of the 2017 Tax Cut and Jobs Act sub= stantially favor independent contractors over W-2 employees. This, coupled = with the 100 percent Ohio income tax exclusion for business income, means m= any Ohio independent contractors will pay far less taxes than W-2 employees= at the same pay levels, says Thomas Ubbing of Brouse McDowell LPA.=20 Read more »

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Tax Reform Creates New Opport= unities For REITs

While many analysts expected that federal tax reform would dampen ent= husiasm around real estate investment trusts, those concerns have proven to= be unfounded. In fact, REITs and their investors should see a net gain ove= rall from the recently adopted tax changes, say attorneys with Kramer Levin= Naftalis & Frankel LLP. Read more »

LEGAL INDUSTRY

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Male Equity Partners E= arn Almost 30% More Than Women

Male equity partners on average are paid almost 30 percent more than= their female counterparts, research firm Acritas said Thursday after quest= ioning more than 800 attorneys for its latest global survey. R= ead more »

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Rudy Giuliani Jo= ins Trump Legal Team In Wake Of Cohen Raid

Former federal prosecutor and New York City mayor Rudy Giuliani join= ed President Donald Trump's legal team on Thursday, 10 days after Trump's l= ongtime lawyer Michael Cohen had his files seized by federal investigators = in Manhattan. Read more »

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Feature

Ready Lawyer One: = Virtual Reality Is Coming To Courtrooms

A Beijing murder trial in March is thought to mark the first time in= China a court has used virtual reality during a criminal trial. As the tec= hnology's costs come down and its familiarity goes up, it likely won't be l= ong before U.S. courtrooms follow suit. Read more »

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

Paul Hastings LLP tops the legal lions this week after the Federal C= ircuit granted client Sunovion Pharmaceuticals a win in a patent dispute, w= hile the lambs list was headed by Michael Cohen, a longtime personal attorn= ey of President Donald Trump's who is now under criminal investigation. R= ead more »

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