State & Local

The Tax Angle: Year-End Extenders, IRS Direct File

Stephen K. Cooper
Editor-at-Large

From a look at the possibility of Congress passing a year-end budget and tax extenders bill to efforts to keep the IRS Direct File program afloat, here's a peek into a reporter's notebook on a few of the week's developing tax stories.

PL 86-272 Expansion May Face Rocky Path Through Congress

Paul Williams
Tax Correspondent

The fate of an element of a House budget reconciliation bill that would broaden state income tax protections for businesses may rest with the Senate parliamentarian's view on whether the provision passes muster under reconciliation rules.

Tariffs And Tax Breaks Offer Risky Lifeline To US Film Industry

Dylan Moroses

President Donald Trump's call for a 100% tariff on films made outside the U.S. has potential to improve a struggling domestic industry if it is considered in conjunction with new federal tax incentives to restore production, but the idea hasn't yet gathered support in Congress, according to lawyers who spoke to Law360.

$38M Law Firm Settlement Highlights 'Unworthy Client' Perils

A recent settlement of claims against law firm Eckert Seamans for allegedly abetting a Ponzi scheme underscores the continuing threat of clients who seek to exploit their lawyers in perpetrating fraud, and the critical importance of preemptive measures to avoid these clients, say attorneys at Lockton Companies.

Evolving Federal Rules Pose Further Obstacles To NY LLC Act

Following the Financial Crimes Enforcement Network's recent changes to beneficial ownership information reporting under the federal Corporate Transparency Act — dramatically reducing the number of companies required to make disclosures — the utility of New York's LLC Transparency Act becomes less apparent, say attorneys at Pillsbury.

The IRS Shouldn't Go To War Over Harvard's Tax Exemption

If the Internal Revenue Service revokes Harvard's tax-exempt status for violating established public policy — a position unsupported by currently available information — the precedent set by surviving the inevitable court challenge could undercut the autonomy and distinctiveness of the charitable sector, says Johnny Rex Buckles at Houston Law Center.

An Illegitimate Avenue Of Repeal: SALT In Review

From a court upholding New York state's interpretation of a federal law to Arkansas' new tax break for college athletes, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.

Crisis Management Lessons From The Parenting Playbook

The parenting skills we use to help our kids through challenges — like rehearsing for stressful situations, modeling confidence and taking time to reset our emotions — can also teach us the fundamentals of leading clients through a corporate crisis, say Deborah Solmor at the Wisconsin Alumni Research Foundation and Cara Peterman at Alston & Bird.

Adapting To Private Practice: From NY Fed To BigLaw

While the move to private practice brings a learning curve, it also brings chances to learn new skills and grow your network, requiring a clear understanding of how your skills can complement and contribute to a firm's existing practice, and where you can add new value, says Meghann Donahue at Covington.

Top 3 Litigation Finance Deal-Killers, And How To Avoid Them

Like all transactions, litigation finance deals can sometimes collapse, but understanding the most common reasons for failure, including a lack of trust or a misunderstanding of deal terms, can help both parties avoid problems, say Rebecca Berrebi at Avenue 33 and Boris Ziser at Schulte Roth.

How Attys Can Use A Therapy Model To Help Triggered Clients

Attorneys can lean on key principles from a psychotherapeutic paradigm known as the "Internal Family Systems" model to help manage triggered clients and get settlement negotiations back on track, says Jennifer Gibbs at Zelle.

3 Steps For In-House Counsel To Assess Litigation Claims

Before a potential economic downturn, in-house attorneys should investigate whether their company is sitting on hidden litigation claims that could unlock large recoveries to help the business withstand tough times, says Will Burgess at Hilgers Graben.

Adapting To Private Practice: From DOJ Enviro To Mid-Law

Practitioners leaving a longtime government role for private practice — as when I departed the U.S. Department of Justice’s environmental enforcement division — should prioritize finding a firm that shares their principles, values their experience and will invest in their transition, says John Cruden at Beveridge & Diamond.

NY Tax Talk: Sourcing, Retroactivity, Information Services

Attorneys at Eversheds Sutherland examine recent decisions by New York’s Tax Appeals Tribunal, Division of Taxation and Court of Appeals on location sourcing of broker-dealer receipts, a case of first impression on the retroactive application of Corporate Franchise Tax regulations and when fees for information services are excluded from taxation.

Legal Ethics Considerations For Law Firm Pro Bono Deals

If a law firm enters into a pro bono deal with the Trump administration in exchange for avoiding or removing an executive order, it has an ethical obligation to create a written settlement agreement with specific terms, which would mitigate some potential conflict of interest problems, says Andrew Altschul at Buchanan Angeli.

Sensible In Maine, Less So On Capitol Hill: SALT In Review

From a move afoot on Capitol Hill toward ending an important corporate tax deduction to a proposal to do away with Maine's film tax credits, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.