As the shutdown continues, taxpayers should expect longer wait times and ramifications for the 2026 filing season.
On October 8, 2025, the IRS began furloughing staff as well as closing most operations due to the ongoing government shutdown.
According to an updated shutdown plan released the same day, the IRS is furloughing just under half its workforce…
OCC Bulletins 2025-22 and 2025-23 clarify the agency’s approach to evaluating banks’ compliance with fair banking practices and protecting customers’ financial records.
By Betty M. Huber, Arthur S. Long, Parag Patel, Pia Naib, Ed Reynolds, Richard Reynolds, and Deric Behar
The Office of the Comptroller of the Currency (OCC)1 published two bulletins (Bulletins …
This measure significantly expands the scope of Entity List and Military End-User List restrictions, imposing heightened diligence obligations and complicating EAR compliance.
By Les P. Carnegie, Damara L. Chambers, Charles Claypoole, Andrew P. Galdes, Robert Price, Eric S. Volkman, Ruchi G. Gill, Monica Calce, Matthew Crawford, Eric Green, Matthew R. Gregory…
The shutdown’s effect on federal court proceedings is in flux. For now, most litigants should expect business as usual in the nation’s courthouses, at least in private civil matters.
By Nicholas J. Boyle, Roberto J. Borgert, and Katherine Griffitts
Updated on October 23, 2025
On October 17, 2025, the Administrative Office of the US Courts confirmed that the…
The SEC is soliciting comments on whether the current framework for asset-backed securities registration and reporting is serving the needs of today’s securitization market.
By Matt Hays and Rolaine Soril Bancroft
Key Points:
Since the 2014 adoption of asset-level disclosure requirements, there has not been a single public offering of residential mortgage-backed securities. Market participants have cited these requirements as…
With the government shutdown in effect, many federal agencies are operating with limited staff, leading to delays in regulatory approvals, permits, and federal contracts.
By Erin Brown Jones, Amanda P. Reeves, and Cory Tull
As of October 1, 2025, the federal government has entered a shutdown. Understanding the current status of government funding, what to expect during this…
Regulators are directed to avoid reputation risk, identify banks that have engaged in unlawful debanking, and take appropriate remedial actions.
By Marc P. Berger, Betty M. Huber, Arthur S. Long, Benjamin Naftalis, Parag Patel, Stephen P. Wink, Douglas K. Yatter, Pia Naib, and Deric Behar
On August 7, 2025, President Trump issued…
The Act makes permanent many expiring TCJA provisions and changes key features of US tax law applicable to businesses and investments.
On July 4, 2025, President Trump signed into law H.R. 1, known as the One Big Beautiful Bill Act (the Act). The Act changes key features of US tax law.
Notably, the Act:
Makes permanent the Section 199A pass-through…
The guidance reflects a key step in the administration’s broader strategy to root out DEI efforts in the private sector.
By Danielle Conley, Danielle J. McCall, Anne W. Robinson, Jude Volek, Rhea Marie Fernandes, and Catherine J. Yao
On July 29, 2025, US Attorney General Pam Bondi issued a memorandum that provides guidance for recipients…
The plan seeks to limit AI regulation at the federal and state level, encourages rapid development of AI infrastructure, and warns against ideological bias in models.
By Michael H. Rubin, Sy Damle, Andrew Gass, Ghaith Mahmood, and Fiona M. Maclean
On July 23, 2025, the Trump administration released a 28‑page AI strategy document titled “Winning the…
A new executive order seeks to streamline funding for and construction of data center projects by reducing regulatory red tape.
By Nikki Buffa, Aron Potash, Tal Carmeli, and Shawna Strecker
On July 23, 2025, the Trump administration issued an executive order titled “Accelerating Federal Permitting of Data Center Infrastructure” (the Order). The Order aims to “facilitate the…
The Trump administration scrapped the “revenge tax” but has extended the implementation of additional tariffs on more than 50 countries until August 1.
By the Tax Controversy Practice
On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (the OBBB) into law, making permanent the reduced individual tax rates and brackets established by the Tax Cuts and…
