Overview
Lisa Zarlenga heads Steptoe’s Tax Policy Practice and combines her technical tax knowledge with her understanding of the tax policy process to solve clients’ most challenging problems. Drawing on her experience as Tax Legislative Counsel at the US Treasury Department’s Office of Tax Policy and her many years of advising domestic and multinational businesses on the federal income tax aspects of corporate and certain partnership transactions, Lisa helps clients advocate for changes in the tax law, participate in the process of implementing those changes through Treasury/IRS regulations and other administrative guidance, and structure transactions involving those changes. Lisa’s broad experience allows her to help clients develop multi-faceted strategies to achieve their ultimate goals.
As Tax Legislative Counsel at the Treasury Department, Lisa advised Treasury's Assistant Secretary for Tax Policy on a broad range of domestic tax policy issues, including corporate, partnership, healthcare, tax-exempt organizations, energy, income tax accounting, estate and gift, and procedure and administration. She oversaw preparation of regulations and other administrative guidance implementing the Internal Revenue Code and the president’s annual revenue proposals in these areas.
Transactional Structuring and Planning
Lisa advises clients on structuring tax-free and taxable acquisitions and dispositions, tax-free spin-offs, and internal restructurings, including providing opinion letters and seeking advance rulings from the IRS. She also assists clients in restructuring financially troubled businesses and advises on the special rules governing consolidated groups.
Lisa co-teaches a corporate tax class at George Washington University Law School.
Blockchain and Digital Currency
Having worked on early tax guidance while at Treasury, Lisa has developed a specialized knowledge of tax issues involving blockchain and digital currency. She advises clients on conducting digital currency transactions and conversions, token offerings, and different investment and entity structures. Her experience includes advising coalitions of leading companies in the blockchain space engage directly with the IRS and policymakers to develop workable policies at an industry-wide level.
Lisa is a co-editor and co-author of the book, Taxation of Crypto Assets, which provides a comparative study in the taxation of crypto assets among 39 different countries.
Renewable Energy and Carbon Sequestration
Lisa has worked with clients, including a coalition of stakeholders, to advocate for regulatory and sub-regulatory guidance to implement the statutory changes to the carbon capture and sequestration credit by the Bipartisan Budget Act of 2018 and the Inflation Reduction Act. She has also assisted clients in filing the first life cycle analysis reports and structuring and negotiating sequestration projects and tax equity deals.
Lisa has also helped clients advocate for legislative changes to energy tax credits, including the credit for production from advanced nuclear power facilities. Most recently, she has been advising clients on the applicability of, and efforts to implement, the newly enacted energy tax provisions in the IRA, including the newly enacted methods to monetize these credits.
Qualified Opportunity Funds
Lisa has advised investors and funds on the intricate tax rules that govern investments in qualified opportunity funds and structured those investments. Shortly after enactment of the opportunity zone tax incentives in 2017, Lisa began working with a coalition of stakeholders to advocate for guidance to implement the new policies, including preparing comment letters and meeting with policymakers. She has also assisted funds with the ongoing compliance with the tax requirements.
Lisa co-authored the Bloomberg Tax Management Portfolio, “Investments in Qualified Opportunity Zones.”
- District of Columbia
- Ohio
- Supreme Court of the United States
- US Tax Court
- US Court of Federal Claims
- Hon. Robert P. Ruwe, US Tax Court, 1994-1996
- LL.M., Georgetown University Law Center, 1997, with honors, Taxation
- J.D., Ohio State University Moritz College of Law, 1994, Order of the Coif; Associate Editor, Ohio State Law Journal
- B.S., Ohio State University, 1991, summa cum laude, Beta Gamma Sigma, Accounting
Areas of Work
Representative Matters
- Advise investment fund on tax aspects of formation of a special purpose acquisition corporation (SPAC) and acquisition of target corporation (de-SPAC transaction), including structuring and preparing public filings.
- Represent talent service provider in structuring a spin-off of multiple businesses in advance of an initial public offering.
- Represent broad coalition of both public and private stakeholders engage with the Administration's policymakers on implementation of the qualified opportunity zone rules, including filing public comments.
- Represent client in structuring real estate acquisitions and development to qualify for qualified opportunity zone benefits.
- Represent insurance company client in pursuing both legislative and regulatory changes to the insurance company exception to the passive foreign investment company rules.
- Represent a greenfield methanol project developer and a fertilizer manufacturer in a successful effort to have the IRS clarify the definition of “carbon capture equipment” through the issuance of a revenue ruling issued by the IRS in 2021.
- Advise polysilicon producer, fuel cell component manufacturer, solar panel manufacturer, solar tracker manufacturer on the implementation of the Inflation Reduction Act (IRA), including helping these clients to understand the requirements to qualify for credits under the IRA and to advocate their positions with their trade associations and with Treasury and the IRS.
- Represent large engineering and construction firm in pursuing legislative modifications to the tax credit for production from advanced nuclear facilities.
- Represent a fertilizer manufacturing company to determine qualification for and structure a tax equity partnership to monetize carbon sequestration credits, including negotiating and drafting the transactional documents.
- Represent trade association to advocate for legislation from Congress to establish a comprehensive, rational tax regime providing for the tax treatment of cryptocurrency.
- Represent trade association to advocate for changes to the international crypto-asset reporting framework proposed by the Organisation for Economic Co-operation and Development (OECD).
- Advise client on the tax aspects of an initial blockchain coin offering, including tax provisions in simple agreement for future tokens (SAFT) and private placement documents.
Speaking Engagements
- "Business Tax Workshop: Accounting Methods and Research Credit Hot Topics Part 1," ABA Section of Taxation Midyear Meeting, February 19, 2025
- "Preparing for 2025: Understanding Upcoming Tax Changes," Federal Bar Association, August 16, 2024
- Moderator, "Digital Assets Information Reporting Regime: What You Need to Know," Federal Bar Association 2024 Tax Law Conference, March 4, 2024
- Moderator, "Corporate Aspects of the CAMT," Federal Bar Association 2024 Tax Law Conference, March 5, 2024
- "Recent Developments in Corporate Taxation Planning," USC Gould School of Law 2024 Tax Institute, January 22, 2024
- "Crypto is crazy – NFTs are crazier still," IBA Finance and Capital Markets Conference, January 16, 2024
- Moderator, "Taxation of Cryptocurrency and Related Reporting Issues," DC Bar Annual Tax Conference, January 10, 2024
- "Update on Tax Considerations and Blockchain," Steptoe 2023 Year End Tax Conference, December 5, 2023
- "Crypto Backers Wary of Possible Tax Loophole Closure," Bloomberg Tax’s Talking Tax podcast, October 19, 2023
- Moderator, "Recent Developments in Crypto Taxation ," ABA Virtual Fall Meeting, October 17, 2023
- "Update on Intellectual Property and Tax Considerations and Blockchain," PLI’s Blockchain 2.0: 2023 Legal & Regulatory Developments Program, October 10, 2023
- "Demystifying the Newly Released Proposed Regulations on Digital Asset Transactions," International Fiscal Association’s Annual Conference, September 13, 2023
- "Wish I Did Know Now What I Will Know Then: How Will Digital-Asset Tax Reporting Change Criminal Investigations?," 2023 Chainalysis Trace DC, July 25, 2023
- "Fostering Sound & Durable Tax Policy: The Vital Role of Business," TCPI's 24th Annual Tax Policy & Practice Symposium, May 12, 2023
- "Transparency and IRS Guidance," ABA Section of Taxation May Meeting, May 5, 2023
- "Staking Out a Position on Crypto Staking," ABA Section of Taxation May Meeting, May 5, 2023
- "Crypto-Asset Reporting: Tax Accounting for Digital Assets," Chamber of Digital Assets DC Blockchain Summit, March 21, 2023
- "Navigating the New Stock Repurchase Excise Tax," TEI's 73rd Midyear Conference, March 20, 2023
- "Excise Tax on Stock Repurchases, Federal Bar Association 2023 Tax Law Conference, March 7, 2023
- "Private Sector Participation in Tax Policy," ABA Midyear Meeting, February 10, 2023
- Moderator, "Financial Products Taxation: Taxation of Cryptocurrency and Related Reporting Issues," DC Bar 2023 Tax Legislative and Regulatory Update Conference, January 25, 2023
- "Recent Developments in Corporate Taxation Planning," USC School of Law 2023 Tax Institute, January 23, 2023
- "Taxable Transaction Alternatives," PLI Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations and Restructurings 2022, November 15, 2022
- "Corporate Tax Update," Philadelphia Tax Conference, November 14, 2022
- "Hot Topics in Corporate Tax," Southern Federal Tax Institute, October 25, 2022
- "Tax Implications of Cryptocurrency, NFTs, and Other Digital Assets," TEI Annual Conference, October 24, 2022
- "Plenary Session—In the Room Where it Happened: A Discussion on the Enactment of the Inflation Reduction Act and What to Expect Next," ABA Tax Section Fall Meeting, October 15, 2022
- "Crypto Legislative Proposals," ABA Tax Section Fall Meeting, October 14, 2022
- "Inflation Reduction Act—First Impressions," ABA Tax Section Webinar, September 13, 2022
- "Blockchain: Intellectual Property and Tax Considerations," PLI's Blockchain 2.0: 2022 Legal & Regulatory Developments Program, July 28, 2022
- "Proliferation of Blockchain and Digital Assets Entering the World of Insurance," Federal Bar Association's 37th Annual Insurance Tax Seminar, June 2, 2022
- "Crypto Assets: Rising Tide of Reporting and Other Regulatory Developments of Interest to International Tax Practitioners, Traders, Dealers, Exchanges and Blockchain Partners," IFA USA 50th Annual Conference, June 2, 2022
- "Exploring the Crypto Tax Landscape," iConnections Digital Assets Forum, June 1, 2022
- "Recent Developments in the Taxation of Digital Assets," ABA Section of Taxation May Meeting, May 13, 2022
- "Making the Sausage II: How Treasury Regulations and Guidance are Drafted and Promulgated," ABA Section of Taxation May Meeting, May 13, 2022
- "Financial Products Taxation: Taxation of Cryptocurrency and Related Reporting Issues," DC Bar 2022 Tax Legislative and Regulatory Update Conference, May 4, 2022
- "Recent Developments in Corporate Tax," Federal Bar Association 2022 Tax Law Conference, March 4, 2022
- "Cryptocurrency: What's Next for Regulation and Compliance?," Tax Analysts Webinar, March 2, 2022
- "Opportunities and Risks – A US and LATAM perspective," Disputes Europe Latin-America SPACS Series: Part One, February 16, 2022
- Moderator, "Crypto Asset Taxation – Keeping up with the Trends," IBA 11th Annual Finance & Capital Markets Tax Virtual Conference, January 18, 2022
- "Emerging Issues in Cryptocurrency," PLI Taxation of Financial Products & Transactions, January 9, 2022
- "Crypto and Digital Assets—Tax Considerations for Financial Institutions and Investors," Arkansas Bar Association Mid-Year Meeting, November 10, 2021
- "Someone Paid How Much for What (on non-fungible tokens)," ABA Section of Taxation 2021 Fall Meeting, September 23, 2021
- "Taxation of Cryptocurrency," The Urban Institute's The Prescription: Fiscal Policy for Today's Economy, September 2, 2021
- "What's Happening in the Land of OZ," Bloomberg Tax Webinar, June 29, 2021
- "What's Happening in the Land of OZ," ABA Section of Taxation Virtual 2020 May Tax Meeting, May 14, 2021
- "Virtual Currency – A Primer for the In-House Tax Professional," 71st TEI Midyear Meeting, March 25, 2021
- "Section 168(k) Update," Federal Bar Association's 45thAnnual Tax Law Conference, March 5, 2021
- "GBBC Legal and Regulatory Group Update," Global Blockchain Business Council, February 24, 2021
- "Making The Sausage: How Tax Legislation Is Drafted And Enacted," ABA Virtual 2021 Midyear Tax Meeting for the Tax Policy and Simplification Committee, January 29, 2021
- "Recent Developments and Trends in Corporate Taxation Planning," USC Gould School of Law 2021 Tax Institute, January 25, 2021
- "Bankruptcy Tax: Issues of Troubled Corporations and their Shareholders," DC Bar 2021 Virtual Tax Legislative and Regulatory Conference, January 14, 2021
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"Crypto-Tax – Ensure a Robust and Transparent Tax Policy Framework," 2020 OECD Global Blockchain Policy Forum, November 19, 2020
- Moderator, "Various Issues of Crypto Asset Taxation," STEP Mid Atlantic Webinar, October 22, 2020
- "Section 163(j) - Effect of New Guidance on Corporate and Consolidated Taxpayers," Corporate Tax Committee of the DC Bar Taxation Community, September 22, 2020
- Moderator, "Cryptocurrency from a Financial Transactions Perspective," ABA Section of Taxation Virtual 2020 May Tax Meeting, July 16, 2020
- "Taxation of Cryptocurrencies: A Virtual Discussion on Virtual Currencies," TEI Webinar, June 17, 2020
- "Issues Faced by Troubled Corporations," ABA Section of Taxation Virtual 2020 May Tax Meeting, June 11, 2020
- "Discussion and Reflection with Former Treasury Officials," ABA Administrative Practice Committee Webinar, May 19, 2020
- Moderator, "Final Opportunity Zones Regulations and a Look at What's Ahead," Economic Innovation Group's "Ask the Experts" Webinar, May 18, 2020
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"Tax Implications of COVID-19: New Legislation and IRS Guidance," ABA Section of Taxation Webinar, April 2, 2020
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"Taxing Issues: The Stimulus Bill and Its Implications," Tax Analysts Webinar, April 1, 2020
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Moderator, "Impact of TCJA on Corporations, Part 1," Federal Bar Association's 44th Annual Tax Law Conference, March 6, 2020
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Moderator, "Opportunity Zone Latest Developments," Federal Bar Association's 44th Annual Tax Law Conference, March 6, 2020
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"Regulatory Guidance and Compliance," IRS Virtual Currency Summit, March 3, 2020
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"Current Developments in Corporate Taxation," ABA Section of Taxation 2020 Midyear Tax Meeting, February 1, 2020
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"Recent Developments and Trends in Corporate Taxation Planning," USC Gould School of Law 2020 Tax Institute, January 27, 2020
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"Opportunity Zone Update," 2020 Tax Legislative and Regulatory Update Conference, January 23, 2020
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"Acquisition and Separation Issues in Consolidation," Practising Law Institute's Consolidated Tax Return Regulations 2020, January 22, 2020
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"Corporate Reorganizations, Including Spin-Offs," 68th Tulane Tax Institute, November 20, 2019
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"Acquisitions of Troubled Companies," TEI 2019 Mergers & Acquisitions Seminar, November 19, 2019
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"Current Issues in M&A," Practising Law Institute's Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings 2019, November 13, 2019
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"Impact of the 2017 Tax Act on US Individuals with Business Operations Outside the US," Practising Law Institute's Basics of International Taxation 2019, July 23, 2019
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"Opportunity Fund Structures: An Overview," EIG OZ Coalition Convening, July 22, 2019
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"Section 45Q Carbon Capture Credit," National Association of Regulatory Utility Commissioners' Webinar, July 15, 2019
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"A Whole New World: The 2017 Tax Act, Tax Advice, and Lawyer Ethics," ABA Section of Taxation 2019 May Tax Meeting, May 11, 2019
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"The Social Impact Side of the Qualified Opportunity Zones Discussion: What Can Treasury Do," ABA Section of Taxation 2019 May Tax Meeting, May 10, 2019
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"Tax Treatment of Cryptocurrencies: What You Need to Know," American Law Institute Continuing Legal Education webinar, April 5, 2019
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"The New Limitation on the Deduction for Business Interest Expense Under Section 163(j)," Tax Executive Institute's 69th Midyear Conference, April 1, 2019
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Moderator, "Impact of TCJA on Corporations, Part 1," Federal Bar Association's 43rd Annual Tax Law Conference, March 8, 2019
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Moderator, "Cryptocurrency," International Bar Association's 8th Annual Finance and Capital Markets Tax Conference, January 29, 2019
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"Acquisition and Separation Issues in Consolidation," Practising Law Institute's Consolidated Tax Return Regulations 2019, January 23, 2019
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"Section 163(j)," ABA 2019 Midyear Tax Meeting, January 19, 2019
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"Tax Reform Guidance Update," Tax Executive Institute Virginia Chapter December Meeting, December 4, 2018
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"Bitcoin, Cryptocurrency & Blockchain," Tax Executive Institute Virginia Chapter December Meeting, December 4, 2018
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"Special Issues Under the 2017 Tax Act," ABA Tax Section 2018 Fall Meeting, October 6, 2018
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"Choice of Entity After Tax Reform," Texas Federal Tax Institute, June 7, 2018
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"Blockchain Takes Over the Cyberlaw Podcast," Steptoe Cyberlaw Podcast, May 21, 2018
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"Tax Accounting vs. Financial Accounting," Practising Law Institute's Basics of Accounting for Lawyers program, May 18, 2018
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"Taxing Tokens, Miners and Exchanges," Blockchain, Accounting, Audit & Tax Conference, May 17, 2018
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"Tax Policy – The View from Washington," Portland TEI Annual Spring Tax Conference, April 19, 2018
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"Talking Tax – What Cryptocurrency Investors Need to Know for Tax Season," Bloomberg Talking Tax Podcast, Episode 61, April 11, 2018
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"Section 355 Developments," Federal Bar Association Annual Tax Law Conference, March 9, 2018
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"The Road Ahead: 2018 Business Outlook," Texas Capital Bank & Dallas Business Journal, February 28, 2018
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"'Currency' in the Digital Age: Cryptocurrency, ICOs and the Future of Commerce," ABA Section of Taxation 2018 Midyear Meeting, San Diego, CA, February 9, 2018
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"Section 355 Developments," Federal Bar Association Law Tax Conference, March 3, 2017
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"Acquisition and Separation Issues in Consolidation," Practising Law Institute, February 13, 2017
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"Federal Tax Update," Year-End Corporate Tax Round-Up, December 7, 2016
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"Hot Guidance Topics Including Sections 199, 355, 367(d) and 385," ABA Joint Fall CLE Meeting, September 29, 2016
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"Current Tax Legislation Considerations From View of Government Affair Representatives," Federal Bar Association 28th Annual Insurance Tax Seminar, June 2, 2016
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"Mergers and Acquisitions," Tax Executives Institute, March 18, 2016
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"Recent Corporate Tax Developments," Federal Bar Association, March 4, 2016
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"Consolidated Tax Return Regulations 2016," Practising Law Institute, February 22, 2016
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"Reporting ACA to the IRS: Ensuring Your Company is ACA Compliant," NACS, December 7, 2015
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"Corporate Tax Update," William & Mary Law School, November 13, 2015
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"Corporate Tax Update," Tax Executives Institute, November 10, 2015
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"Tax Reform: Will the Gridlock Continue?" Denver Tax Institute, July 30, 2015
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"Managing and Resolving Section 199 Issues," Tax Executives Institute, May 20, 2015
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"Birds of a Feather? - Highlighting Areas of Agreement in Camp's Tax Reform Act of 2014 and President Obama's FY16 Budget Proposals," Tax Governance Institute, April 30, 2015
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"Significant Issues in Spin-Off Transactions: Structuring Opportunities, Traps, and Limitations," Tax Executives Institute 2015 Midyear Conference, March 23, 2015
News & Publications
Publications
Energy Tax Credit Deals Need to Account for Trump Uncertainty
Bloomberg Tax
April 9, 2025
Client Alerts
January 9, 2025
By: N. Hunter Johnston, Lisa M. Zarlenga, Nick Sutter, Michelle Castaline
Press Releases
The Washingtonian Recognizes Four Steptoe Attorneys on List of Washington, DC's Top Lawyers
January 9, 2025
Press Releases
Steptoe Represents Lenders on Four Renewable Energy Project Financings
December 11, 2024
Client Alerts
Treasury, IRS Phase In Implementation of Digital Asset Information Reporting
July 2, 2024
Client Alerts
Setting the Table for Tax Reform in 2025
May 23, 2024
By: Darryl Nirenberg, Lisa M. Zarlenga, Nick Sutter, Philip R. West, N. Hunter Johnston
Client Alerts
Treasury and IRS Finalize Energy Tax Credit Transferability Regulations
May 9, 2024
By: Lisa M. Zarlenga, Nick Sutter, N. Hunter Johnston, John Cobb
Resources
Focus on Tax Controversy Newsletter
November 15, 2021
By: Lawrence Hill, Lisa M. Zarlenga, Nick Sutter
Exempt Organizations Advisory
December 29, 2020
Events
Webinars
Policy Perspectives Roundtable on Tax Policy
March 20, 2025
Speakers: Jason Abel, Lisa M. Zarlenga, Michele Nellenbach, Nick Sutter
Webinars
Understanding 2025 Tax Changes
January 14, 2025
Speakers: Lauren Azebu, Lisa M. Zarlenga, Nick Sutter
Webinars
Post-Election Recap: The First 48 Hours
November 7, 2024
Speakers: Jason Abel, Leslie A. Belcher, Elizabeth Hurley Burks, N. Hunter Johnston, Darryl Nirenberg, Lisa M. Zarlenga, Ashelen Vicuña
Webinars
Federal Reshoring Initiatives in the US
December 15, 2022
Speakers: Paul R. Hurst, Jeffrey G. Weiss, Lisa M. Zarlenga
Seminars & Events
Year End Tax Conference and Celebration
December 6, 2021
Speakers: Alan Cohn, Micah S. Green, Zvi Hahn, Lawrence Hill, Aaron P. Nocjar, Caitlin R. Tharp, Beth D. Tractenberg, Amanda Pedvin Varma, Philip R. West, Lisa M. Zarlenga
Webinars
Business Tax Proposals in President's FY22 Budget
June 4, 2021
Speakers: Amanda Pedvin Varma, Lisa M. Zarlenga
Webinars
December 10, 2020
Speakers: Micah S. Green, Lisa M. Zarlenga
Webinars
November 10, 2020
Speakers: James M. Carolan, Jeffrey M. Reisner, Michael Thompson, Lisa M. Zarlenga
Webinars
2nd Annual Regulatory Symposium: Elections Matter
October 22, 2020
Speakers: Christopher R. Conte, Micah S. Green, Marc L. Spitzer, Lisa M. Zarlenga
Noteworthy
- Fellow and Board of Regents Member, American College of Tax Counsel
- Chambers USA, Tax, DC (2018-2024)
- Best Lawyers in America, Tax Law (2018-2022)
- Super Lawyers, Washington, DC, Tax (2017-2021)
- Treasury Exceptional Service Award (2015)
- The Washingtonian magazine, "Best Lawyers," Tax (2015, 2017-2018, 2020, 2024)
- Treasury Special Act Award (2011)
- Legal 500 US, Finance: Not-for-Profit, Nonprofit and Tax Exempt Organizations; Government: Government Relations (2017-2018); Tax: International Tax; Tax: US Taxes, Contentious (2017-2019); Tax: US Taxes, Non-Contentious (2016-2019); Domestic Tax, East Coast (2009-2010)
- John S. Nolan Tax Law Fellow (ABA) (2004-2005)
Previous Employment
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Tax Legislative Counsel, US Department of the Treasury, Office of Tax Policy
Professional Affiliations
- Vice Chair Government Relations, Taxation Section, American Bar Association (former Chair, Committee on Government Submissions; Vice Chair, Continuing Legal Education Committee; Council Member; Member, Nominating Committee)
- Corporate Tax Committee, Taxation Section, American Bar Association
- Former Chair, Taxation Section, District of Columbia Bar (also former Steering Committee Member and Chair, Corporate Tax Committee)
- The Tax Coalition
- The Tax Council
- Federal Bar Association