Professional Responsibility and Other Practice Issues for Tax Advisors
Course Number: LAW 7931 Credits: 3
This course is designed to provide students with the skills and knowledge to address practical and difficult issues that arise in the everyday practice of tax law. Regulations and guidance relating to professional responsibility specifically applicable to tax practitioners will be covered, but students will also consider the rules of professional responsibility more broadly. The course surveys important concepts and rules that tax lawyers acting as corporate advisers on tax and financial matters need to know not only to do their job but also to keep it. The course surveys current regulatory and enforcement issues – reportable transactions and tax shelters, the Foreign Corrupt Practice Act, document retention policies, internal controls and certifications, board of directors audit committees, resulting financial and criminal law liability, and changes in corporate governance brought about by the Sarbanes-Oxley Act of 2002, the Dodd Frank Act, and other legislation. The course examines the preparation of legal opinions on tax matters and the rendering of other advice, and the resulting tax-return filing positions; financial statements and their use and analysis by private users and the government and other entities that regulate them; accounting for income taxes and FIN 48 uncertain tax positions in the financial statements and tax return (including Form UTP in corporate income returns); and important issues governing the availability of attorney-client privileges in various proceedings.