Scott: Lawyers Will Need to Adapt to Increased Enforcement

Barnett, Susanna Duff
September 2004
Bond Buyer;9/10/2004, Vol. 349 Issue 31966, p5
Trade Publication
This article reports that bond attorneys will have to change the way they do business because the U.S. Internal Revenue Service (IRS) is sharpening its focus on any involvement they might have in abusive tax-exempt bond transactions. The focus on bond counsel, as well as investment bankers and other so-called third parties that participate in tax-exempt bond transactions, comes as IRS commissioner Mark Everson has made clear that he will not tolerate the promotion of abusive transactions or any participation in them by tax attorneys, Scott said. At the start of the year, Everson revitalized the IRS Office of Professional Responsibility, which oversees lawyers and other practitioners who practice before the IRS, by naming Cono Namorato to head it and doubling its enforcement staff.


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