Federal

Expert Analysis

• US Economy Needs Cannabis Banking Bill More Than Ever

  

  The cannabis industry is helping generate much-needed tax revenue and has kept people employed during the pandemic — it's time to provide these essential businesses with mainstream banking services, says Aaron Smith at the National Cannabis Industry Association.

• 7 Considerations For Gift And Estate Valuation Amid COVID-19

  

  As pandemic-related uncertainty continues to challenge business appraisals this year, practitioners should know that methods exist to help produce reliable gift and estate valuations, says Angela Sadang at Marks Paneth.

• Blockchain Holds Potential For Commercial Real Estate

  

  Blockchain-based tokenization of commercial real estate has the capacity to bring about a paradigm shift in how real estate finance is conducted, as lower intermediary costs and minimum investment requirements unlock trillions of dollars in illiquid global real estate assets, says Josh Morton at Pillsbury.

• Prep For Increased Pay Equity Enforcement In Gov't Contracts

  

  Federal contractors can prepare for an uptick in Office of Federal Contract Compliance Programs compensation enforcement under President-elect Joe Biden by conducting regular pay equity audits that identify and resolve gender- and race-based compensation disparities, says Jack Blum at Polsinelli.

• Top 10 Employer Resolutions For 2021

  

  As the new year begins, employers will need to plan for several paradigm shifts, including the potential for tougher independent contractor classification standards, state-level medical and recreational marijuana legalization, and federal and state changes to paid and unpaid leave, say Allegra Lawrence-Hardy and Linda Spencer at Lawrence & Bundy.

• Mitigating IRS Cryptocurrency Enforcement Risk In 2021

  

  The IRS seems poised to shift focus in 2021 from education to enforcement of virtual currency tax laws, and noncompliant taxpayers should consider whether they are eligible to file amended returns or voluntary disclosures to mitigate the risk of civil penalties, criminal investigation or prosecution, say Don Fort and Lawrence Sannicandro at Kostelanetz & Fink.

• 2020's Key Tax Controversy Developments

  

  Andrew Roberson and Kevin Spencer at McDermott highlight 2020's key tax controversy developments, offering their perspective on important tax decisions, the Internal Revenue Service’s cooperative audit program, informal tax return amendment procedures, Large Business & International Division campaigns, and handling virtual appeals conferences during the pandemic.

• What The Biden Administration Can Expect From State AGs

  

  With the nationwide split between Republican and Democratic state attorneys general unchanged post-election, the Biden administration can anticipate challenges to major health care, energy and environmental policy initiatives, continued activity from state solicitors general, and increased consumer protection enforcement, say William Hurd and Christopher Carlson at Troutman Pepper.

• Justices Likely To Shield Treasury From Preemptive Action

  

  Recent U.S. Supreme Court oral arguments in CIC Services v. Internal Revenue Service suggest the court will resolve a circuit split by ruling the Anti-Injunction Act shields the U.S. Department of the Treasury from preemptive challenges — bad news for those hoping to challenge unfavorable regulations, says Monte Silver at Silver & Co.

• Outlook For Digital Assets May Improve In 2021

  

  Attorneys at Ropes & Gray evaluate several factors that may advance the burgeoning blockchain industry, such as the proliferation of decentralized tokens, the creation and acceptance of digital asset trading platforms, and greater clarity on tax and regulatory structure.

• Opportunity Zone Investment Options Should Be Expanded

  

  Future opportunity zone legislation should limit the capital gains requirement and broaden tax incentives to allow participation from currently excluded investors with deep connections to community revitalization, says Venroy July at Miles & Stockbridge.

• Post-Election Financial Services Regulatory Outlook

  

  Attorneys at Arnold & Porter explore regulatory expectations for the financial services sector in the wake of the presidential election, including federal agency leadership, banking regulation and agency actions, renewed focus on consumer protection, predictions for fintech, and prospects for a new financial transaction tax.

• What To Expect From Federal Agency Leadership Changes

  

  Attorneys at Morgan Lewis discuss how quickly companies may see policy changes from new leadership at the U.S. Department of Treasury, U.S. Department of Justice, U.S. Department of Labor, U.S. Equal Employment Opportunity Commission and National Labor Relations Board after the Biden administration takes office.