The IRS on September 30 released Notice 2025-46 and Notice 2025-49 , providing interim guidance on the corporate alternative minimum tax (CAMT). These notices address a broad range of issues, including rules for domestic corporate transactions, troubled companies, consolidated groups, financial statement adjustments, and numerous other provisions including mark-to-market adjustments, repair expenditures for certain regulated taxpayers, and certain “eligible” Section 197 goodwill. The guidance offers meaningful relief and clarity for taxpayers as they navigate CAMT compliance ahead of final regulations. PwC will publish additional...

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A government shutdown may occur if the U.S. Congress does not pass a continuing resolution by September 30, 2025. The shutdown would impact certain immigration-related services and operations. Below is an overview of the potential impacts as well as some strategies to consider in the event of a government shutdown. Quick Hits A government shutdown may occur if the U.S. Congress does not pass a continuing resolution by September 30, 2025, impacting certain immigration-related services and operations. During a government...

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A shutdown impacts the industry in various ways: Medicare and Medicaid continue, but discretionary-funded services face interruptions. October 1, the first day of the 2026 federal fiscal year (FFY), is here — and we are now in a federal government shutdown. Existing FFY 2025 funding expired on September 30, and Congress was unable to pass a funding extension. Typically, that has been done via a “continuing resolution” (CR) or an omnibus funding package. Until there is a funding extension enacted, government...

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AlixPartners, the global consulting firm, released its 2025 U.S. Retail Holiday Outlook, which forecasts an "underwhelming" 3% to 5% growth rate in holiday retail sales this year. This is a notable decrease from last year's 4% growth and 2023’s 6% rate. Additionally, at the low end this is essentially flat with inflation taken into consideration and only up 2% at the high-end. The outlook, based on a comprehensive survey of U.S. consumers, reveals a consumer who is more cautious as...

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October brings a convergence of pivotal events on both the economic and geopolitical fronts, shaping a volatile global outlook. From looming tariff battles in Washington and monetary policy decisions in Frankfurt to military posturing in Eastern Europe and high-level political signaling in Beijing, this month may set the tone for the final stretch of 2025 and beyond. At the same time, in a repeat of a unique and macabre political dynamic, the risk of a partial US federal government closure...

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Maersk, the world’s second-largest container line, announced that it will not impose a surcharge on shippers when new U.S. port fees on China-built and operated vessels take effect on October 14. Hapag-Lloyd, CMA CGM, and Evergreen have also stated they’re forgoing surcharges, which may set a trend for other carriers. In the short term, it appears that port fees may not be passed on to importers. Meanwhile, Seaspan plans to relocate from Hong Kong to Singapore and reflag 100 vessels amid ongoing industry...

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By: John A. Morrissett, Scott Bergeson, Aaron E. Johnston, TROUTMAN PEPPER LOCKE Faster office actions, improved prior art searches, and a more consistent application of the law — these will be hallmarks of the future of patent examination at the U.S. Patent and Trademark Office (USPTO) due to increased use of artificial intelligence (AI). Applicants and patent practitioners are faced with an unprecedented challenge that could significantly change prosecution strategy in the future. While currently aimed at augmenting the tools available to...

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