Federal

Expert Analysis

• NY Right To Investigate Trump Consulting Fees For Tax Fraud

  

  New York authorities correctly put aside political considerations and took the appropriate first step in any tax fraud investigation by seeking bank and corporate records to investigate potential connections between Trump Organization write-offs and income mirrored by Ivanka Trump's consulting company, says Daren Firestone at Levy Firestone.

• Carbon Capture Policy Should Be Aligned For Global Adoption

  

  With support from both Republicans and Democrats, carbon capture, utilization and storage technology as a tool for decarbonization may be poised for domestic growth — but the U.S. and the European Union must coordinate their policies to promote a global approach, say Hunter Johnston and Jeff Weiss at Steptoe & Johnson.

• How Federal, State Plans Could Bring Carbon Capture To US

  

  Proposals from President-elect Joe Biden, a pair of bills currently pending in Congress and a low-carbon fuels program in California provide insights into how carbon capture, utilization and storage technology could be integrated into the fight against climate change in the U.S., say Hunter Johnston and Jeff Weiss at Steptoe.

• EU Climate Goals Are Hard To Reach Without Carbon Capture

  

  The European Union's failure to fully embrace blue fuels, produced using carbon capture, utilization and storage technologies, may hinder the region's pursuit of its aggressive decarbonization goals, say Hunter Johnston and Jeff Weiss at Steptoe & Johnson.

• Carbon Capture Tech Offers A Fast Path Toward Climate Goals

  

  To meet ambitious climate goals, the U.S., EU and other developed nations must immediately start reducing carbon emissions from fossil fuels, which policymakers can encourage by supporting carbon capture, utilization and storage technologies, say Hunter Johnston and Jeff Weiss at Steptoe.

• Legal Defense Fund Donations Should Get Gift Tax Treatment

  

  Contributions to legal defense funds, which may be used to finance litigation related to the governmental transition, should be treated as gifts instead of income for tax purposes to avoid protracted, politically weaponized litigation, and remain consistent with a government-ethics approach, says Robert Rizzi at Steptoe & Johnson.

• Advancing The Democratic Tax Agenda In 2021

  

  Even with a divided government starting next year, Democrats will have a major effect on tax policy, pursuing legislative compromises and regulatory changes in service of President-elect Joe Biden's tax plan, and potentially reversing many Trump administration initiatives, say Russell Sullivan and Radha Mohan at Brownstein Hyatt.

• M&A Poised For Growth In The Biden Era

  

  The M&A market is well positioned for recovery and growth under a Biden administration and divided Congress, which will likely gain control over the coronavirus pandemic, pass a stimulus package, and provide greater transparency in antitrust enforcement, say attorneys at Debevoise.

• Final BEAT Regs Still Contain Pitfalls For Taxpayers

  

  Recently finalized U.S. Department of the Treasury regulations retain a taxpayer-friendly election allowing corporations to waive deductions to avoid the base erosion and anti-abuse tax, but neglect to include recourse for companies that waive more deductions than necessary, say attorneys at Ropes & Gray.

• Biden Independent Contractor Plan Sends Confusing Message

  

  President-elect Joe Biden’s inconsistent campaign plan for independent contractors supports enforcement of existing laws against intentional worker misclassification while also proposing a challenging-to-meet federal classification standard modeled after California’s A.B. 5, says Richard Reibstein at Locke Lord.

• The Different Ways High Court Could Assess ACA Viability

  

  The U.S. Supreme Court's eventual decision in California v. Texas could strike down the entire Affordable Care Act, though there are a number of scenarios that may leave the law — or at least its popular provisions — largely intact, say attorneys at Morgan Lewis.

• 10th Circ. IRS Summons Ruling Shows Cannabis Biz Dilemma

  

  The recent Tenth Circuit decision in Speidell v. U.S., allowing the IRS to summon records from Colorado marijuana regulators in an audit proceeding, illustrates the tension state-legal marijuana business owners face when information requested in a civil proceeding is about conduct potentially criminal under federal law, says Jennifer Benda at Hall Estill.

• Where Renewable Energy Is Headed After Election Day

  

  In the past four years, the renewable energy industry has seen considerable growth, despite new obstacles put in place by the Trump administration — and no matter who wins this presidential election, the industry can make a strong case for its ability to create jobs, boost environmental equality and help solve the climate crisis, say attorneys at McDermott.