Federal

3 Takeaways From Budget Law's Opportunity Zone Revamp

Asha Glover

The federal opportunity zone program was significantly revamped under the sweeping tax and spending legislation that President Donald Trump signed this month, and tax professionals say there are three key changes, including one aimed at boosting investment in rural areas.

Strict Construction Rules Could Gut Solar, Wind Credits

Kat Lucero

The U.S. Treasury Department could severely weaken the availability of the solar and wind energy tax credits that were scaled back under Republicans' new budget law with upcoming guidance that may upend long-standing construction rules used to determine eligibility.

3 Key Budget Bill Issues Tax Pros Want IRS To Clarify Quickly

Stephen K. Cooper
Editor-at-Large

The GOP's new tax overhaul is driving demand for guidance on long-sought business and worker-friendly provisions among tax professionals and lawmakers, who are watching to see if IRS staff cuts and funding reductions will hinder the agency's ability to take swift regulatory action. Here, Law360 looks at three areas where tax pros say a quick turnaround on guidance or regulations would be most helpful.

Reform Partly Modernizes Small Biz Stock Gains Exclusion

Changes to the Internal Revenue Code in the One Big Beautiful Bill Act update the qualified small business stock gains exclusion to reflect inflation, but the regime would be more in line with current business realities if Congress had also made the exemption available to additional business structures, says Mark Parthemer at Glenmede.

How Real Estate Funds Can Leverage Del. Statutory Trusts

Over the last two years, traditional real estate fund sponsors have begun to more frequently adopt Delaware Statutory Trust programs, which can help diversify capital-raising strategies and access to new sources of capital, among other benefits, say attorneys at Polsinelli.

DOJ Crypto Enforcement Is Shifting To Target Willfulness

Three pending criminal prosecutions could be an indication of how the U.S. Department of Justice's recent digital assets memo is shaping enforcement of the area, and show a growing focus on executives who knowingly allow their platforms to be used for criminal conduct involving sanctions offenses, say attorneys at Gibson Dunn.

4 Former Justices Would Likely Frown On Litigation Funding

As courts increasingly confront cases involving hidden litigation finance contracts, the jurisprudence of four former U.S. Supreme Court justices establishes a constitutional framework that risks erosion by undisclosed financial interests, says Roland Eisenhuth at the American Property Casualty Insurance Association.

Practical Implications Of SEC's New Crypto Staking Guidance

The U.S. Securities and Exchange Commission's recent staff guidance that protocol staking does not constitute securities offerings provides a workable compliance blueprint for crypto developers, validators and custodial platforms willing to keep staking strictly limited to protocol-driven rewards, say attorneys at Cahill.

How Attys Can Use AI To Surface Narratives In E-Discovery

E-discovery has reached a turning point where document review is no longer just about procedural tasks like identifying relevance and redacting privilege — rather, generative artificial intelligence tools now allow attorneys to draw connections, extract meaning and tell a coherent story, says Rose Jones at Hilgers Graben.

AbbVie Frees Taxpayers From M&A Capital Loss Limitations

The U.S. Tax Court’s June 17 opinion in AbbVie v. Commissioner, finding that a $1.6 billion break fee was an ordinary and necessary business expense, marks a pivotal rejection of the Internal Revenue Service’s position on the tax treatment of termination fees related to failed mergers or acquisitions, say attorneys at Holland & Knight.

ABA Opinion Makes It A Bit Easier To Drop A 'Hot Potato'

The American Bar Association's recent ethics opinion clarifies when attorneys may terminate clients without good cause, though courts may still disqualify a lawyer who drops a client like a hot potato, so sending a closeout letter is always a best practice, say attorneys at Thompson Hine.

Federal Construction Considerations Amid Policy Overhaul

The rapid overhaul of federal procurement, heightened domestic sourcing rules and aggressive immigration enforcement are reshaping U.S. construction, but several pragmatic considerations can help federal contractors engaged in infrastructure and public construction avoid the legal, financial and operational fallout, say attorneys at Cozen O'Connor.

Can Companies Add Tariffs Back To Earnings Calculations?

With the recent and continually evolving tariffs announced by the Trump administration, John Ryan at King & Spalding takes a detailed look at whether those new tariffs can be added back in calculating earnings before interest, taxes, depreciation and amortization — an important question that may greatly affect a company's compliance with its financial covenants.

A Look At DOJ's Dropped Case Against Early Crypto Operator

The prosecution of an early crypto exchange operator over alleged unlicensed money transmission was recently dropped in Indiana federal court, showcasing that the U.S. Justice Department may be limiting the types of enforcement cases it will bring against digital asset firms, say attorneys at Greenberg Traurig.

8 Ways Lawyers Can Protect The Rule Of Law In Their Work

Whether they are concerned with judicial independence, regulatory predictability or client confidence, lawyers can take specific meaningful actions on their own when traditional structures are too slow or too compromised to respond, says Angeli Patel at the Berkeley Center of Law and Business.

Despite Dark Clouds, Outlook For US Solar Has Bright Spots

While tariff, tax policy and bankruptcy news seemingly portends unending challenges for the U.S. solar energy industry, signs of continued growth in solar generating capacity and domestic solar manufacturing suggest that there is a path forward, say attorneys at Beveridge & Diamond.