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17 Prac. Tax Law. 1 (2002-2003)

handle is hein.ali/practax0017 and id is 1 raw text is: THE PRACTICAL TAX LAWYER FALL 2002 VOLUME 17/NUMBER 1 Published by The American Law Institute-American Bar Association Committee on Continuing Professional Education with the cooperation of the Section of Taxation, American Bar Association What Every Tax Practitioner Needs To Know About Trust Fund Taxes and Responsible Person Liability in Bankruptcy Joseph DiGiuseppe 7 Many financially distressed businesses fail to account for, collect, and turn over required with- holding taxes. This article defines the principles behind both federal and state withholding tax lia- bility, explains how these principles interact with the Bankruptcy Code, and offers practical steps for lawyers advising potential responsible persons. Synthetic Lease Off Balance Sheet Financing Before and After (?) Enron Iris June Brown 19 The primary benefit of a synthetic lease is account- ing treatment, which keeps the asset and associated liability off the company's balance sheet, thereby improving the company's financial ratios. As a financing device, it typically get a lower cost of funds than prevailing mortgage rates. The company gets the tax benefits of ownership (depreciation and interest deductions). However, such leases must meet a host of accounting rule requirements to achieve the desired accounting result, and then must also pass scrutiny by the IRS. The New Determination Letter Procedures Pamela D. Perdue 25 The Service has now revised the determination let- ter program to allow plan sponsors more flexibility in deciding the level and type of review sought on request of a favorable determination letter. The consequences of these changes are reviewed in this article. Testamentary Contributions of Retirement Plan Assets to Split-Interest Charitable Arrangements: A Primer Lisa Bianculli 35 After reviewing the taxation of qualified retire- ment plans and related distribution rules and the split-interest giving techniques that currently exist, the author focuses on the tax consequences to the charity, the estate, and the noncharitable beneficiary of retirement plan distributions to split-interest vehicles. What You Should Know About Obtaining IRS Private Letter Rulings Robert S. Schwartz 49 Since obtaining favorable tax rulings from the ERS always works to the taxpayer's benefit, questions arise regarding the circumstances when a taxpayer can or should obtain a private letter ruling and how the request for a private letter ruling should be pre- pared for the greatest chance of success. This article provides some general advice in answer to these practical questions. It highlights the most important procedural prerequisites for obtaining a private letter ruling and discusses common practical impediments to obtaining private letter rulings. A More Dangerous Game-New Federal Sentencing Guidelines and Tax Crimes Theodore M. David 55 Practitioners owe it to their clients to explain that the game of tax fraud has gotten more dangerous with a much greater likelihood of incarceration for tax loss at all levels. The time to correct potential tax fraud issues is before IRS contact of any kind. To avoid client incarceration, practitioners must attempt to have clients qualify under the voluntary disclosure policy of the IRS. This article explains how to do so. Taxing Decisions Programs, Publications, and Playbacks 5 ALI-ABA and ABA Section of Taxation CLE Calendars

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