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20 Prac. Tax Law. 3 (2005-2006)

handle is hein.ali/practax0020 and id is 1 raw text is: FALL 2005

Published by American Law Institute-American Bar Association Continuing Professional
Education with the cooperation of The Section of Taxation, American Bar Association

The Regulation Of Tax Professionals
By The Internal Revenue Service In
A Post-Enron World (With Forms)
Jerald David August and Kristen Jesse         7
Although the catalyst for recent revisions to Circular
230 was the abusive tax shelter phenomenon of
recent years, it is clear that the recent rule-making
applies to the entire profession, even though a vast
majority of the profession was not directly involved
in the promotion or sale of tax shelters or tax prod-
ucts. Thus, for most of us looking at the Circular 230
revisions with some initial amazement, if not shock,
the only obvious conclusion to draw from them may
be reflected in a simple statement, [W]elcome to the
Post-Enron World of the IRS. This article reviews
the requirements of new Circular 230, suggests prac-
tical ways to deal with them, and offers sample lan-
guage for communicating with clients.
Family Limited Partnerships-Traps
For The Unwary
Paul L. Basile, Jr. and Amber Quintal        25
Family limited partnerships continue to be a popular
estate planning tool because they have the potential
to meet many goals. These recent cases applying sec-
tion 2036 to include the value of the transferred
assets in the gross estate should not deter planners
from using FLPs, but should rather serve as
reminders of the guidelines described in this article
that must be kept in mind.

Planning And Drafting
Premarital Agreements
Stephanie B. Casteel                         33
A primary concern for the estate planning practi-
tioner, who is often the attorney sought out by an
engaged couple for a premarital agreement, is know-
ing first what a surviving or divorcing spouse would
be entitled to under state law absent a premarital
agreement waiving those rights and providing oth-
erwise contractually. Second, the practitioner needs
to know what is required under state law for a pre-
marital agreement to be respected and under what
circumstances a court could void an agreement. This
article reviews the basic provisions of the Uniform
Premarital Agreement Act (UPAA), and analyzes the
standards of enforceability under state law and the
basis on which a premarital agreement may be dis-
regarded based on the terms of the premarital agree-
ment and based on circumstances regarding execu-
tion. This article then provides guidance for negoti-
ating and drafting a premarital agreement, as well as
suggests alternatives to a premarital agreement.
The Convenience Of The Employer Rule
And The Telecommuter Tax Fairness Act
Nicole Belson Goluboff                       55
The convenience of the employer rule imposes a
penalty tax on Americans who work from home for
out-of-state employers. As a result, the rule discour-
ages interstate telecommuting and threatens to slow
the growth of telework in the United States. But help
may be on the way, as Congress is considering The
Telecommuter Tax Fairness Act, which would abol-
ish the rule.

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