A U.S. District Court judge in Texas has set aside the Federal Trade Commission’s (FTC) controversial noncompete rule, ruling that it will not become effective on Sept. 4 as previously scheduled and cannot be enforced by the...more
On July 3, 2024, United States District Court Judge Ada Brown ruled against the Federal Trade Commission (FTC) and issued a preliminary injunction postponing the implementation of the agency’s controversial rule banning...more
In a series of rulings at the end of its term, the Supreme Court fundamentally changed administrative law precedents, including some that have held firm for more than 40 years. The decisions will curtail federal agencies’...more
On April 23, the U.S. Department of Labor (DOL) published the “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” which makes changes to the definition of “ fiduciary” for purposes of the Employee...more
The Federal Trade Commission (FTC) adopted a controversial rule for noncompete provisions today. As expected, the final regulation, which was first proposed in January 2023, will prohibit virtually all noncompete...more
The Federal Trade Commission (FTC) announced this week that it will finally hold its much-anticipated vote to finalize its controversial noncompete rule on Tuesday, April 23, 2024, at 2 p.m. The final regulation, which was...more
On March 6, 2024, the U.S. Securities and Exchange Commission (SEC) finalized a historic set of climate disclosure rules, which stand to be the most significant disclosure regime change since the Sarbanes-Oxley Act. The rule...more
On Monday, March 11, President Joe Biden released his budget request to Congress (“Budget”) and various accompanying documents. Separately, the Treasury Department released its General Explanations of the Administration’s...more
Earlier today, the White House released its fiscal year (FY) 2025 budget request to Congress. Overall, it proposes $7.3 trillion in total spending, including a proposed $895 billion for defense and approximately $621 billion...more
President Joe Biden delivered his third State of the Union address on March 7, emphasizing the tax-policy priorities that will continue to take center stage in his ongoing presidential campaign. Similar to last year’s...more
On March 6, the Securities and Exchange Commission (“SEC”) voted along party lines to adopt its long-awaited climate-related disclosure framework for registrants. This “Final Rule” largely reflects the proposed rule put...more
On Jan. 9, 2024, the U.S. Department of Labor’s (DOL) Wage and Hour Division announced its final rule on Employee or Independent Contractor Classification. The announcement marks the end of a rulemaking process that started...more
On Dec. 22, 2023, Gov. Kathy Hochul (D-NY) vetoed a bill to outlaw all noncompete clauses in the state of New York. The law also would have vacated all current agreements that prevent workers from leaving their employers for...more
As Congress heads into 2024 and President Biden starts the last year of his term, a host of tax issues remain unaddressed, including a much-anticipated expiring tax provisions package, pending regulatory guidance, the outcome...more
On Oct. 31, 2023, the Biden administration released its long-awaited revision to the Employee Retirement Income Security Act (ERISA) fiduciary rule. These regulations define fiduciaries and outline what transactions are...more
On Aug. 30, 2023, the Department of Labor (DOL) announced a Notice of Proposed Rulemaking (NPRM) about employer obligations related to overtime pay. The NPRM would put significant new burdens on a variety of industries,...more
On Friday, Aug. 25, 2023, the IRS released Notice 23-62, which (i) clarifies that plan sponsors may continue to allow participant “age 50” catch-up contributions after Dec. 31, 2023, and (ii) delays implementation of the...more
“Material Cybersecurity Incident” Standard Will Have a Monumental Impact on Current Cyber Disclosure Requirements -
On July 26, 2023, the U.S. Securities and Exchange Commission (SEC) adopted the Cybersecurity Risk...more
On Saturday, May 27, House Speaker Kevin McCarthy (R-CA) and President Joe Biden reached an agreement to suspend the debt ceiling until January 2025 in conjunction with new spending reforms intended to reduce the federal...more
House Ways and Means Committee Chairman Jason Smith (R-MO) and committee Republicans released legislation on May 25, 2023, in response to the Pillar Two global minimum tax negotiated by the Organisation for Economic...more
The Treasury Department and the Internal Revenue Service (IRS) released IRS Notice 2023-38 (Notice) on May 12, 2023, providing interim guidance on domestic-content requirements under the Inflation Reduction Act (IRA). The...more
On Wednesday, April 26, the House of Representatives voted to pass the GOP proposal to avert the impending government default—the Limit, Save, Grow (LSG) Act. The measure was advanced by a margin of 217-215, with four...more
On Thursday, April 6, the Treasury Department and Internal Revenue Service (IRS) issued their long-term Strategic Operating Plan (SOP), outlining how the IRS intends to spend $79.4 billion in funding provided by the Inflation...more
On March 31, 2023, the Treasury Department and Internal Revenue Service (IRS) issued proposed regulations implementing the section 30D clean-vehicle tax credit enacted as part of the Inflation Reduction Act (IRA). The...more
Treasury Department and IRS Release Preliminary Guidance on Semiconductor Tax Credit. On March 23, the Treasury Department and IRS published proposed regulations for implementing the new section 48D advanced manufacturing...more