Best Lawyers for Public Finance Law in America

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Lawyer
  • Location:
    Nashville, Tennessee
  • Practice Areas:
    Public Finance Law Corporate Law
Lawyer
  • Location:
    Albuquerque, New Mexico
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Baltimore, Maryland
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Bridgeport, Connecticut
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Manchester, New Hampshire
  • Practice Areas:
    Health Care Law Public Finance Law Project Finance Law
Lawyer
  • Location:
    Nashville, Tennessee
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Little Rock, Arkansas
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Chattanooga, Tennessee
  • Practice Areas:
    Securitization and Structured Finance Law Banking and Finance Law Public Finance Law Mergers and Acquisitions Law Real Estate Law Corporate Law
Lawyer
  • Location:
    Albuquerque, New Mexico
  • Practice Areas:
    Leveraged Buyouts and Private Equity Law Mergers and Acquisitions Law Banking and Finance Law Public Finance Law Securities / Capital Markets Law Corporate Law
Lawyer
  • Location:
    Birmingham, Alabama
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Lansing, Michigan
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Orlando, Florida
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Seattle, Washington
  • Practice Areas:
    Public Finance Law Corporate Law
Lawyer
David Boies was awarded  "Lawyer of the Year" in

David Boies

Boies Schiller Flexner LLP
  • Location:
    Armonk, New York
  • Practice Areas:
    Appellate Practice Commercial Litigation Antitrust Law Public Finance Law Bet-the-Company Litigation
Lawyer
  • Location:
    Chicago, Illinois
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Little Rock, Arkansas
  • Practice Areas:
    Public Finance Law Municipal Law
Lawyer
  • Location:
    Chicago, Illinois
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Nashville, Tennessee
  • Practice Areas:
    Administrative / Regulatory Law Public Finance Law Corporate Law
Lawyer
  • Location:
    Albuquerque, New Mexico
  • Practice Areas:
    Mergers and Acquisitions Law Banking and Finance Law Public Finance Law Municipal Law Corporate Law
Lawyer
  • Location:
    Phoenix, Arizona
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Norfolk, Virginia
  • Practice Areas:
    Public Finance Law Project Finance Law
Lawyer
  • Location:
    Honolulu, Hawaii
  • Practice Areas:
    Real Estate Law Tax Law Corporate Law Health Care Law Public Finance Law
Lawyer
  • Location:
    Baton Rouge, Louisiana
  • Practice Areas:
    Public Finance Law Economic Development Law
Lawyer
  • Location:
    Birmingham, Alabama
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Bridgeport, Connecticut
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Dallas, Texas
  • Practice Areas:
    Mergers and Acquisitions Law Corporate Law Public Finance Law
Lawyer
  • Location:
    Indianapolis, Indiana
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Columbus, Ohio
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    New York, New York
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Jacksonville, Florida
  • Practice Areas:
    Municipal Law Public Finance Law
Lawyer
  • Location:
    Phoenix, Arizona
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Baltimore, Maryland
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Baltimore, Maryland
  • Practice Areas:
    Corporate Law Public Finance Law Mergers and Acquisitions Law
Lawyer
  • Location:
    Burlington, Vermont
  • Practice Areas:
    Public Finance Law Project Finance Law Real Estate Law Mortgage Banking Foreclosure Law Corporate Compliance Law
Lawyer
  • Location:
    Troy, Michigan
  • Practice Areas:
    Public Finance Law Municipal Law
Lawyer
  • Location:
    Baltimore, Maryland
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Providence, Rhode Island
  • Practice Areas:
    Mergers and Acquisitions Law Public Finance Law
Lawyer
  • Location:
    Newark, New Jersey
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Columbia, South Carolina
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Atlanta, Georgia
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Louisville, Kentucky
  • Practice Areas:
    Public Finance Law Litigation - Bankruptcy Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law
Lawyer
  • Location:
    Nashville, Tennessee
  • Practice Areas:
    Commercial Transactions / UCC Law Real Estate Law Public Finance Law Land Use and Zoning Law Commercial Finance Law
Lawyer
  • Location:
    Chicago, Illinois
  • Practice Areas:
    Public Finance Law Health Care Law
Lawyer
  • Location:
    Columbus, Ohio
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Philadelphia, Pennsylvania
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Birmingham, Alabama
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Santa Fe, New Mexico
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Greenville, South Carolina
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Miami, Florida
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Washington, District of Columbia
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    New York, New York
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Miami, Florida
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Montpelier, Vermont
  • Practice Areas:
    Public Finance Law Corporate Law
Lawyer
  • Location:
    Seattle, Washington
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Phoenix, Arizona
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Seattle, Washington
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Montgomery, Alabama
  • Practice Areas:
    Tax Law Public Finance Law
Lawyer
  • Location:
    Birmingham, Alabama
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Jackson, Mississippi
  • Practice Areas:
    Commercial Finance Law Health Care Law Public Finance Law
Lawyer
  • Location:
    Albuquerque, New Mexico
  • Practice Areas:
    Mergers and Acquisitions Law Corporate Law Public Finance Law Securities / Capital Markets Law
Lawyer
  • Location:
    Troy, Michigan
  • Practice Areas:
    Banking and Finance Law Public Finance Law
Lawyer
  • Location:
    Louisville, Kentucky
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Santa Fe, New Mexico
  • Practice Areas:
    Public Finance Law Financial Services Regulation Law Corporate Law Securities / Capital Markets Law Banking and Finance Law
Lawyer
  • Location:
    Honolulu, Hawaii
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Chicago, Illinois
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Cincinnati, Ohio
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Albuquerque, New Mexico
  • Practice Areas:
    Public Finance Law Corporate Law Securities Regulation Securities / Capital Markets Law
Lawyer
  • Location:
    Jackson, Mississippi
  • Practice Areas:
    Real Estate Law Public Finance Law Project Finance Law Economic Development Law
Lawyer
  • Location:
    Charlotte, North Carolina
  • Practice Areas:
    Public Finance Law Banking and Finance Law
Lawyer
  • Location:
    Los Angeles, California
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Birmingham, Alabama
  • Practice Areas:
    Public Finance Law Municipal Law Economic Development Law
Lawyer
  • Location:
    Wichita, Kansas
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Columbia, South Carolina
  • Practice Areas:
    Project Finance Law Economic Development Law Public Finance Law
Lawyer
  • Location:
    Jackson, Mississippi
  • Practice Areas:
    Corporate Law Economic Development Law Project Finance Law Public Finance Law
Lawyer
  • Location:
    Birmingham, Alabama
  • Practice Areas:
    Project Finance Law Economic Development Law Corporate Law Public Finance Law Tax Law
Lawyer
  • Location:
    Little Rock, Arkansas
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Philadelphia, Pennsylvania
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Chicago, Illinois
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Seattle, Washington
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    New York, New York
  • Practice Areas:
    Public Finance Law
Lawyer
J. Thomas Longino was awarded 2019 "Lawyer of the Year" in Elasticsearch.PracticeArea

J. Thomas Longino

Longino Public Finance, LLC
  • Location:
    Birmingham, Alabama
  • Practice Areas:
    Public Finance Law Economic Development Law
Lawyer
  • Location:
    Philadelphia, Pennsylvania
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Pittsford, New York
  • Practice Areas:
    Public Finance Law Banking and Finance Law Litigation - Municipal Real Estate Law
Lawyer
  • Location:
    New Orleans, Louisiana
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Philadelphia, Pennsylvania
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Portland, Oregon
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Burlington, Vermont
  • Practice Areas:
    Project Finance Law Securities / Capital Markets Law Public Finance Law
Lawyer
  • Location:
    Greenville, South Carolina
  • Practice Areas:
    Public Finance Law Economic Development Law
Lawyer
  • Location:
    Memphis, Tennessee
  • Practice Areas:
    Public Finance Law Economic Development Law Project Finance Law Banking and Finance Law
Lawyer
  • Location:
    Washington, District of Columbia
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Burlington, Vermont
  • Practice Areas:
    Banking and Finance Law Public Finance Law
Lawyer
  • Location:
    Little Rock, Arkansas
  • Practice Areas:
    Banking and Finance Law Public Finance Law Municipal Law Project Finance Law
Lawyer
  • Location:
    Albuquerque, New Mexico
  • Practice Areas:
    Public Finance Law Securities Regulation Corporate Law Mergers and Acquisitions Law
Lawyer
  • Location:
    Little Rock, Arkansas
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Albuquerque, New Mexico
  • Practice Areas:
    Public Finance Law Municipal Law
Lawyer
  • Location:
    Buffalo, New York
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Seattle, Washington
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Boston, Massachusetts
  • Practice Areas:
    Health Care Law Public Finance Law
Lawyer
  • Location:
    Boston, Rhode Island Providence, Rhode Island
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Jackson, Mississippi
  • Practice Areas:
    Public Finance Law Corporate Law Securities Regulation Corporate Governance Law Securities / Capital Markets Law Mergers and Acquisitions Law Corporate Compliance Law
Lawyer
  • Location:
    Albany, New York
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Cincinnati, Ohio
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Seattle, Washington
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Columbus, Ohio
  • Practice Areas:
    Education Law Public Finance Law
Lawyer
  • Location:
    Los Angeles, California
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Washington, District of Columbia
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Miami, Florida
  • Practice Areas:
    Public Finance Law Bet-the-Company Litigation Litigation - Banking and Finance Commercial Litigation Litigation - Securities Litigation - Mergers and Acquisitions Litigation - Real Estate
Lawyer
  • Location:
    Memphis, Tennessee
  • Practice Areas:
    Municipal Law Public Finance Law Corporate Law
Lawyer
  • Location:
    Seattle, Washington
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Boston, Massachusetts
  • Practice Areas:
    Public Finance Law Employee Benefits (ERISA) Law Tax Law
Lawyer
  • Location:
    Columbus, Ohio
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Portland, Oregon
  • Practice Areas:
    Public Finance Law Municipal Law
Lawyer
  • Location:
    Little Rock, Arkansas
  • Practice Areas:
    Project Finance Law Municipal Law Public Finance Law Securitization and Structured Finance Law
Lawyer
James M. Saffian was awarded  "Lawyer of the Year" in

James M. Saffian

Pierce Atwood LLP
  • Location:
    Portland, Maine
  • Practice Areas:
    Public Finance Law Banking and Finance Law
Lawyer
  • Location:
    West Palm Beach, Florida
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Pittsford, New York
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Troy, Michigan
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Washington, District of Columbia
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Fort Worth, Texas
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Chicago, Illinois
  • Practice Areas:
    Health Care Law Public Finance Law
Lawyer
  • Location:
    Portland, Oregon
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Portland, Oregon
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Charleston, West Virginia
  • Practice Areas:
    Public Finance Law Corporate Law
Lawyer
  • Location:
    Lansing, Michigan
  • Practice Areas:
    Municipal Law Utilities Law Energy Law Public Finance Law
Lawyer
  • Location:
    Phoenix, Arizona
  • Practice Areas:
    Corporate Law Public Finance Law
Lawyer
  • Location:
    Cedar Rapids, Iowa
  • Practice Areas:
    Public Finance Law Economic Development Law
Lawyer
  • Location:
    Little Rock, Arkansas
  • Practice Areas:
    Real Estate Law Public Finance Law Municipal Law
Lawyer
  • Location:
    Bridgeport, Connecticut
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Washington, District of Columbia
  • Practice Areas:
    Public Finance Law Banking and Finance Law
Lawyer
  • Location:
    Orlando, Florida
  • Practice Areas:
    Public Finance Law Securities / Capital Markets Law
Lawyer
  • Location:
    Indianapolis, Indiana
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Roseland, New Jersey
  • Practice Areas:
    Public Finance Law Real Estate Law
Lawyer
  • Location:
    Lakeland, Florida
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Nashville, Tennessee
  • Practice Areas:
    Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law Public Finance Law
Lawyer
  • Location:
    Providence, Rhode Island
  • Practice Areas:
    Litigation - Real Estate Real Estate Law Public Finance Law
Lawyer
  • Location:
    Charleston, West Virginia
  • Practice Areas:
    Municipal Law Securitization and Structured Finance Law Public Finance Law Project Finance Law Government Relations Practice
Lawyer
  • Location:
    Jackson, Mississippi
  • Practice Areas:
    Public Finance Law Municipal Law Project Finance Law Securitization and Structured Finance Law Corporate Law
Lawyer
  • Location:
    Atlanta, Georgia
  • Practice Areas:
    Securitization and Structured Finance Law Public Finance Law
Lawyer
  • Location:
    Seattle, Washington
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Atlanta, Georgia
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Charleston, South Carolina
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Columbia, South Carolina
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Atlanta, Georgia
  • Practice Areas:
    Public Finance Law Project Finance Law
Lawyer
  • Location:
    Lakeland, Florida
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Jackson, Mississippi
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Jackson, Mississippi
  • Practice Areas:
    Public Finance Law Municipal Law Project Finance Law Corporate Law
Lawyer
  • Location:
    Seattle, Washington
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Rochester, New York
  • Practice Areas:
    Public Finance Law Project Finance Law Municipal Law
Lawyer
  • Location:
    Troy, Michigan
  • Practice Areas:
    Public Finance Law Municipal Law
Lawyer
  • Location:
    Grand Rapids, Michigan
  • Practice Areas:
    Public Finance Law Municipal Law
Lawyer
  • Location:
    Grand Rapids, Michigan
  • Practice Areas:
    Municipal Law Public Finance Law
Lawyer
  • Location:
    Nashville, Tennessee
  • Practice Areas:
    Real Estate Law Banking and Finance Law Commercial Finance Law Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law Public Finance Law
Lawyer
  • Location:
    Lakeland, Florida
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Phoenix, Arizona
  • Practice Areas:
    Corporate Law Public Finance Law
Lawyer
  • Location:
    Morgantown, West Virginia
  • Practice Areas:
    Project Finance Law Tax Law Trusts and Estates Mergers and Acquisitions Law Corporate Law Securitization and Structured Finance Law Public Finance Law Municipal Law
Lawyer
  • Location:
    Little Rock, Arkansas
  • Practice Areas:
    Public Finance Law Securitization and Structured Finance Law Project Finance Law
Lawyer
  • Location:
    Orlando, Florida
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Chicago, Illinois
  • Practice Areas:
    Health Care Law Public Finance Law
Lawyer
  • Location:
    New Orleans, Louisiana
  • Practice Areas:
    Public Finance Law
Lawyer
  • Location:
    Los Angeles, California
  • Practice Areas:
    Public Finance Law

  • Location:
  • Practice Areas:

Practice Area Definition

Public Finance Law Definition

A public finance law practice involves all aspects of financing activities for entities or projects that can borrow on a tax-exempt basis. These entities or projects consist of a variety of governmental issuers, including states, municipalities, counties, governmental agencies, and economic development agencies; nonprofit borrowers, such as colleges, hospitals, and cultural institutions; and projects, such as student loans, affordable housing, and solid waste disposal, among others. Public finance lawyers represent issuers, underwriters, borrowers, bondholders, trustees, and other parties in connection with the issuance and holding of tax-exempt bonds. The practice includes representation in financing, tax, and general legal matters. A few law firms with public finance practices also specialize in defaults and workouts of tax exempt bonds.

There are several roles that an attorney or law firm can play in public finance, including serving as bond counsel, disclosure counsel, underwriter’s counsel, trustee counsel, and bondholder counsel.
  • Bond counsel is typically retained by the issuer and provides a legal opinion that bonds have been validly issued and that the interest thereon is exempt from federal (and perhaps state) taxes, in addition to preparing and advising on the various documents relating to issuance.
  • Disclosure counsel is retained by the issuer and provides advice on issuer disclosure obligations and typically prepares the official statement and continuing disclosure agreement.
  • Underwriter’s counsel represents the underwriter on the purchase of a new issue of municipal securities. This includes a review of the issuer’s bond resolution and documentation, a review of the accuracy and adequacy of disclosure in the official statement, the preparation of the purchase contract for the sale of the bonds to the underwriter and the official statement, assisting the underwriter in establishing the underwriter’s due diligence, and the delivery of a “10b-5” opinion.
  • Trustee counsel may play a small role at issuance, but if a deal becomes distressed, assists the trustee in navigating the complexities of the exercise of rights and remedies and capital recovery on behalf of bondholders.

In addition, bond financings bear on other areas of the law since they involve understanding the financial and operating position of issuers of securities. The issues involved in a bond financing are complex, and it is essential that the public finance attorney or law firm understand and stay up-to-date on the ever-evolving laws and regulations proposed and implemented by the Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC).

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. logo

A public finance law practice involves all aspects of financing activities for entities or projects that can borrow on a tax-exempt basis. These entities or projects consist of a variety of governmental issuers, including states, municipalities, counties, governmental agencies, and economic development agencies; nonprofit borrowers, such as colleges, hospitals, and cultural institutions; and projects, such as student loans, affordable housing, and solid waste disposal, among others. Public finance lawyers represent issuers, underwriters, borrowers, bondholders, trustees, and other parties in connection with the issuance and holding of tax-exempt bonds. The practice includes representation in financing, tax, and general legal matters. A few law firms with public finance practices also specialize in defaults and workouts of tax exempt bonds.

There are several roles that an attorney or law firm can play in public finance, including serving as bond counsel, disclosure counsel, underwriter’s counsel, trustee counsel, and bondholder counsel.
  • Bond counsel is typically retained by the issuer and provides a legal opinion that bonds have been validly issued and that the interest thereon is exempt from federal (and perhaps state) taxes, in addition to preparing and advising on the various documents relating to issuance.
  • Disclosure counsel is retained by the issuer and provides advice on issuer disclosure obligations and typically prepares the official statement and continuing disclosure agreement.
  • Underwriter’s counsel represents the underwriter on the purchase of a new issue of municipal securities. This includes a review of the issuer’s bond resolution and documentation, a review of the accuracy and adequacy of disclosure in the official statement, the preparation of the purchase contract for the sale of the bonds to the underwriter and the official statement, assisting the underwriter in establishing the underwriter’s due diligence, and the delivery of a “10b-5” opinion.
  • Trustee counsel may play a small role at issuance, but if a deal becomes distressed, assists the trustee in navigating the complexities of the exercise of rights and remedies and capital recovery on behalf of bondholders.

In addition, bond financings bear on other areas of the law since they involve understanding the financial and operating position of issuers of securities. The issues involved in a bond financing are complex, and it is essential that the public finance attorney or law firm understand and stay up-to-date on the ever-evolving laws and regulations proposed and implemented by the Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC).