Special Tax Counsel

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One of Kutak Rock's greatest strengths is its highly respected expertise in the area of tax-exempt financing. Kutak Rock's nine Section 103 tax lawyers devote substantially all of their time to matters related to tax-exempt financings. On a daily basis, the group interacts with issuers, investment bankers, financial advisors, credit providers and lawyers within the firm and in other firms and are frequently in contact with the staff and policy makers at the IRS and the Department of the Treasury.

In addition to providing tax advice to our bond clients, Kutak Rock's tax department frequently serves as special tax counsel in transactions in which the designated bond counsel firm lacks the necessary tax expertise to provide a tax opinion. The range of services Kutak Rock can provide as special tax counsel include the following:

  • providing informal, behind-the-scenes advice and "private opinions" (opinions we may address solely to local bond counsel or investment banker for their comfort)
  • rendering formal special tax counsel opinions with respect to bond issues
  • assisting in the preparation and presentation of IRS private letter ruling requests
  • assisting in the preparation and presentation of non-audit municipal bond tax problems through the IRS Voluntary Closing Agreement Program (VCAP) when a bond issue is found to have violated a tax-exempt bond provision
  • advising and assisting in all facets of IRS bond audits

In whatever capacity we may serve, Kutak Rock’s tax attorneys respect the confidentiality of such arrangements, and we are flexible in structuring engagements to meet the client's needs in each individual situation.