On June 8, 2005, several U.S. Congressmen introduced a patent reform bill (H.R. 2795) in theHouse of Representatives. The bill proposes sweeping and controversial changes to the existing U.S. Patent Act

Effective January 1, 2006, each taxpayer’s federal estate tax (and generation skipping tax) exemption will increase from the current $1.5 million to $2 million. This is a result of the 2001 Tax Act, which provided for gradual increases in the exemption for a number of years. The next scheduled increase will be in 2009, when the exemption increases to $3.5 million.

Both the Senate Committee on Finance ("the Finance Committee") and the House Committee on Ways and Means (the "House Committee") held hearings this month to evaluate the state of tax-exempt accountability, governance, and oversight.

Two recently issued decisions may make it more difficult for a preference defendant to establish the ordinary course of business defense when the defendant revises credit terms with a customer having financial difficulty on the eve of the customer’s bankruptcy.

On October 14, 2008, Treasury Secretary Paulson and FDIC Chair Bair announced the TARP Capital Purchase Program and the FDIC Temporary Liquidity Guaranty Program.

On June 29, 2007, the Center for Medicaid & Medicare Services ("CMS") implemented a new policy that will allow physicians, providers, and suppliers to charge Medicare beneficiaries for missed appointments.

By now, many state legislators have codified the so-called "formless conversion statute" which authorizes partnerships and other unincorporated state law entities (e.g., limited liability companies) to convert into state law corporations without actually transferring their assets to the newly formed corporations.

Several Courts Find That Letters Of Credit Which Were Used To Secure Lease Obligations Under Real Property Leases Are Subject To The Damages Cap Under 11 U.S.C. § 502(B)(6)

Two new immigration laws affecting the L-1 and H-1B visa categories were recently passed by Congress. The House of Representatives is expected to pass a final technical amendment to the legislation on December 6, 2004, before sending the bill to the President for his signature. Employers and foreign national employees should be aware of the significant changes that both laws contain.

On Monday, September 22, 2008, the Federal Reserve Board issued a policy statement easing the limitations on private equity investments in banks and bank holding companies

On October 4, 2004, the President signed into law the Working Families Tax Relief Act of 2004. This new law contains provisions extending the zero percent capital gains tax rate that applies when certain qualifying property located in a D.C. Enterprise Zone is sold.

On March 6, 2006, ISO New England Inc. together with public utility regulators from four of the six New England states, and many generation owners, transmission owners, and load-serving entities, filed a Settlement Agreement with the Federal Energy Regulatory Commission addressing flaws in New England’s current capacity market.

An earnout is a traditional way of bridging different expectations of value between a buyer and a seller in an M&A transaction. As a contractual mechanism, an “earnout” requires a buyer to pay additional acquisition consideration if the acquired business meets certain performance benchmarks post-close.

On July 20, 2006, the Federal Energy Regulatory Commission issued a final rule requiring transmission organizations in organized electricity markets to make available long-term firm transmission rights that satisfy the guidelines set forth in the final rule. (Docket No. RM06-8-000).

The Service issued a notice warning against improper charitable deductions by taxpayers when taxpayers make payments or easement transfers to exempt organizations in connection with a taxpayer’s purchase of property from the exempt organization. In Notice 2004-41, the Service announced that it "intends to disallow [certain] deductions and may impose penalties and excise taxes" connected with these transfers.

As November 4 approaches, low on the list of issues important to the typical American voter is an increase in the carried interest tax.

The Office of Inspector General (“OIG”) of the Department of Health and Human Services issued an Advisory Opinion on September 27, 2007 announcing its approval of an arrangement in which a non-profit hospital compensated physicians for emergency department on-call coverage (“Arrangement”).

On November 18, 2005, the Senate approved S. 2020, The Tax Relief Act of 2005 , a vast piece of legislation addressing issues ranging from tax relief to the hurricane-ravaged Gulf Coast, to expiring tax provisions, and offsets. Notable among the Act’s copious provisions are those involving the charitable sector and specifically, sections aimed at the prevention of abusive tax practices involving exempt organizations.

On December 4, 2006, the Internal Revenue Service issued Notice 2006-109 with interim guidance for supporting organizations and donor advised funds, in light of the new legislation enacted as part of the Pension Protection Act of 2006.

In a recent congressional report, the Joint Committee on Taxation (the "Committee") found that tax abuses are costing the federal treasury more than $370 billion in lost revenue annually. The 430-page report, entitled "Options to Improve Tax Compliance and Reform Tax Expenditures," identifies tax abuses by nonprofit organizations as a significant contributor to the loss of revenue.