IRS: Counsel Must Accept Circular 230 Proposal

Newman, Emily
February 2005
Bond Buyer;2/22/2005, Vol. 351 Issue 32075, p5
Trade Publication
The article reports that as the U.S. Internal Revenue Service (IRS) intensifies its examinations into abusive transactions, bond counsel needs to accept proposed Circular 230 regulations that would require municipal bond lawyers to provide written documentation for the tax rationale underlying their bond opinions. The proposed changes to Circular 230 would set first-time standards for lawyers writing tax-exempt bond opinions. Some conference attendees expressed concerns that making bond opinions subject to Circular 230 could drive up issuance costs and disrupt the market. However, as the IRS cracks down on abusive deals such as bid rigging, other key bond market participants argued that they need to adjust to new rules in an increasingly regulated market, and to be able to provide explanations for their bond opinions.


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