Business Services Industry
IRS, Securities Commission Step Up Enforcement of Municipal Bond Laws.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, January, 2000
Jan. 2--To their clients, lawyers sometimes can sound a little like Paul Revere. In the case of bond counsel, their cry of late has been: "The feds are coming! The feds are coming!"
Two powerful federal agencies -- the Internal Revenue Service and the Securities and Exchange Commission -- are taking a much more aggressive stance on enforcing the laws regulating municipal bonds. That means, in a worst-case scenario, some bonds could lose their tax-exempt status.
"So far, in most of these cases, the IRS has been able to reach settlements with issuers and underwriters," said Jack Kraft of Roseland's Lowenstein Sandler, P.C., a past president of the American College of Bond Counsel. "By doing this, they have for the most part allowed the tax-exempt status...
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