News & Insights

IRS Grants Penalty Relief for 2025 for New Tip and Overtime Reporting Rules

The Internal Revenue Service (the “IRS”) has issued Notice 2025-62 (the “Notice”), providing penalty relief for tax year 2025 in connection with the implementation of the new information reporting requirements related to the deductions for qualified tips and qualified overtime compensation that were added to the Internal Revenue Code (the “Code”) by Public Law 119-21, 139 Stat. 72 (July 4, 2025), commonly known as the One, Big, Beautiful Bill Act (the “OBBBA”). Specifically, the Notice provides relief from the penalty under Section 6721 for failure to file correct information returns and the penalty under Section 6722 for failure of employers and other payers to furnish correct payee statements separately reporting cash tips, qualified overtime compensation, or the occupation of the person who received the tip, as required under the OBBBA. This temporary penalty relief applies because the IRS will not issue new forms for 2025 and recognizes that many employers may lack systems or data to meet these new reporting requirements. ...read more

New District of New Jersey Standing Order Requires Schedule A Plaintiffs to Bring Their “A Game”

Federal courts have seen a barrage of intellectual property infringement filings in what have become known as “Schedule A” cases.  These cases are typically brought by plaintiffs seeking to enforce intellectual property rights against numerous defendants listed on an attached Schedule A filed under seal.  Schedule A plaintiffs often file a simultaneous ex parte motion for a Temporary Restraining Order (“TRO”) to enjoin the sale of the allegedly infringing products and, if successful, serve the TRO on online marketplaces, who may then remove the products at issue and impose an asset freeze—all before a defendant knows it was sued. ...read more

Federal Regulation of Payment Stablecoins Underway

As part of Congress’ effort to provide clarity and legal guidance in digital assets, the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or Genius Act, was signed into law on July 18, 2025.  The Genius Act establishes a comprehensive regulatory framework for payment stablecoins. ...read more

New IRS Regulations Modify Interest Capitalization Requirements for Property Improvements

On October 2, 2025, the IRS and Treasury Department issued final regulations (TD 10034) (the “Final Rules”) simplifying the interest capitalization rules for improvements that constitute the production of designated property under §263A(f) of the Internal Revenue Code. The Final Rules eliminate the “associated property rule,” which previously required capitalization of interest on property temporarily withdrawn from service or not yet placed in service, and make conforming amendments for consistency. These changes were issued in response to the Federal Circuit’s decision in Dominion Resources, Inc. v. United States, 681 F.3d 1313 (Fed. Cir. 2012), which invalidated portions of the associated property rule as inconsistent with the avoided cost principle underlying §263A(f). Effective October 2, 2025, the Final Rules apply to tax years beginning thereafter. ...read more

New H-1B Application Fee Requirement Announced

On Friday, September 19, 2025, President Donald Trump issued a Presidential Proclamation that set forth new conditions and restrictions on the admission of workers on H-1B visas into the United States. The most immediate effect of this Proclamation is to require the payment of a $100,000 fee for H-1B visa applications. While some of the language of the Proclamation is open-ended, it is critical to note that this fee, as stated, applies only to new applications for prospective workers who are currently outside the country. Thus, the Proclamation does not apply to those: ...read more

USEPA Announces Proposal to End Greenhouse Gas Reporting Program

On September 12, 2025, the United States Environmental Protection Agency (USEPA) formally announced a proposed rule to end the Greenhouse Gas Reporting Program (GHGRP). The GHGRP applies to 47 source categories and covers approximately 8,000 facilities throughout the United States, requiring power plants, refineries, chemical plans, fossil fuel and industrial gas suppliers, and carbon dioxide injection sites to report greenhouse gas emission data on an annual basis. ...read more

One Step Up, Two Steps Back: The Noncompete Ban Tug of War Continues

The courts and commentators have spent much time during the past year opining on a number of federal legislative and regulatory attempts to outlaw noncompete agreements. Most notably, much was made of the Federal Trade Commission’s Noncompete Rule adopted in April 2024. After much ersatz erudition including 26,000 public comments, that Rule was derailed one year ago this month when a federal court in Texas issued a nationwide injunction setting aside the FTC’s Noncompete Rule. The Ryan ruling is on appeal but with the new administration, and a new composition of the FTC, the FTC is rethinking what to do with the Noncompete Rule, recently asking the appellate court in Ryan for several 60-day stays of the appeal while it considers what to do. ...read more

The One Big Beautiful Bill Act Brings on Significant Tax Reform

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (H.R. 1), passed by the U.S. House of Representatives just a day earlier through a dramatic 218-214 vote. This comprehensive tax bill reshapes federal policy across nearly every major sector of the American economy, with significant focus on corporate and individual tax reform. The OBBBA makes many expiring provisions of the Tax Cuts and Jobs Act (“TCJA”) permanent, and also significantly accelerates the termination of many credits created under the Inflation Reduction Act (“IRA”). ...read more

Congress Passes Sweeping Tax Reform with Major Changes for Nonprofits

After extensive negotiations, Congress passed the One Big Beautiful Bill Act (H.R. 1) (“OBBB”), a comprehensive tax package with significant implications for tax-exempt organizations and charitable giving.  The bill was approved by the Senate on July 1, cleared the House on July 3, and was signed by the President on July 4, 2025. ...read more

One Big Beautiful Bill Makes Permanent Qualified Opportunity Zones Program … with Changes

On July 4, 2025, President Donald J. Trump signed the bill commonly known as the One Big Beautiful Bill (OBBB) (available here), which includes sweeping tax changes.  One of those changes was to the Qualified Opportunity Zones (QOZ) program. ...read more

State Tax Equalization Board Releases 2024 Common Level Ratios

The State Tax Equalization Board (STEB) has released its Common Level Ratio (CLR) of assessed value to market value for each county in Pennsylvania for calendar year 2024 (applicable to tax appeals filed for tax year 2026). The CLR can be used to convert fair market values into assessed values in conjunction with property tax appeals, subject to a taxpayer’s right to claim a lower ratio to reflect the same level of assessed value to fair market value for similarly situated property. The 2024 CLRs can be viewed here. ...read more

U.S. Justice Department Establishes New Data Security Program to Prevent Foreign Adversaries from Exploiting Americans’ Sensitive Data

U.S. companies that collect and store sensitive personal data have until July 8, 2025 to comply with a new Department of Justice rule, known as the Data Security Program (“DSP”). What is the Data Security Program? The DSP prohibits U.S. companies from sharing bulk sensitive personal data with individuals or entities from countries identified as foreign adversaries, including but not limited to China, Russia, Cuba, Venezuela, and Iran (“Covered Person(s)”). Under the program, sensitive personal data is defined broadly and is not limited to traditional "PII", such as social security numbers and bank account information.  Instead, the DSP aims to protect a much broader scope of information, including but not limited to human genomic information, geolocation information, biometric and health information, and financial information. Additionally, the DSP applies to government-related data, including any precise geolocation data and sensitive personal data that a transacting party markets as linked or linkable to certain current or recent former U.S. government employees. ...read more

New Jersey Department of Human Services Seeks to Eliminate Any Willing Provider Requirements and to Authorize Termination of Medicaid Managed Care Contracts for Nursing Homes Throughout New Jersey

The New Jersey Department of Human Services (DHS) recently announced a new administrative initiative that would provide waivers of the long-standing Any Willing Provider (AWP) policy. The current AWP policy mandates that any participating Medicaid Managed Care Plan must include in its network all long-term care providers who request enrollment. This policy has been in effect in New Jersey since the beginning of the NJMMIS Managed Long-Term Services program in 2015.  ...read more

Delaware Amends Trade Name Registration Rules

UPDATE: On May 27, 2025, Delaware delayed the effective date of the new trade name registration rules from June 2, 2025 to February 2, 2026.  The Delaware Division of Revenue will issue an FAQ guide prior to the extension date.  In the meantime, Delaware trade name filings will continue to be handled at the applicable county. ...read more

USEPA Announces Drinking Water MCLs for PFOA and PFOS Will Remain in Place

On May 14, 2025, the United States Environmental Protection Agency (USEPA) announced significant developments in the enforcement of the National Primary Drinking Water Regulation (NPDWR) passed under the Biden Administration that established legally-enforceable Maximum Contaminant Levels (MCLs) for certain per- and polyfluoroalkyl substances (PFAS) in drinking water. ...read more

For Now, the Corporate Transparency Act Applies Only to Foreign Companies

On March 21, 2025, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued a press release with its interim final rules addressing the Corporate Transparency Act (“CTA”). On March 26, 2025, the interim final rules were published in the Federal Register. Also, FinCEN published two alerts as well as Questions and Answers about the final interim rules. ...read more

The End is Near for the Corporate Transparency Act

As we noted in our advisory on Friday, February 28, 2025, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued a statement announcing that: ...read more

FinCEN Says no Fines or Penalties for Failing to File by Current Deadlines

As we noted just a week ago in our advisory, companies required to file beneficial ownership information (“BOI”) reports with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) under the Corporate Transparency Act (“CTA”) generally were required to do so by the new filing deadline of Friday, March 21, 2025. ...read more

The Corporate Transparency Act is Back, with a New Filing Deadline

Companies that are required to file beneficial ownership information (“BOI”) reports with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) under the Corporate Transparency Act (“CTA”) must generally do so by the new filing deadline of Friday, March 21, 2025. ...read more

A Second Nationwide Preliminary Injunction Continues the Suspension of Required Filings Under the Corporate Transparency Act

On January 23, 2025, the U.S. Supreme Court stayed the nationwide (a.k.a., universal) preliminary injunction preventing the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) from enforcing the Corporate Transparency Act (“CTA”). As a result of the Supreme Court’s decision in the Texas Top Cop Shop case, available here, it was anticipated that reporting companies would be required to file their beneficial ownership information (“BOI”) reports with FinCEN, as provided in the CTA. See our advisory. ...read more