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OVERVIEW
We are constructive not obstructive. Clients often view attorneys in general and tax attorneys in particular, as obstructionists who thwart the clients' goals. Clients therefore often try to avoid involving tax attorneys as long as possible. The reality is that the tax attorneys at Peck Shaffer are here to help make the client's deal work. With early involvement by the tax attorneys, we can work to create a transaction structure that meets the client's financial and administrative needs while complying with the tax laws. We have the depth, the experience, the seasoned judgment, the temperament and most importantly, the desire to help the client get the deal done and done right.
Solutions for common tax concerns. Tax issues for tax exempt bonds fall into three basic categories: (i) private activity concerns; (ii) eligibility criteria for permitted private activity bonds; and (iii) arbitrage issues. Clients usually worry about some combination of these issues. To address these concerns, we combine our experience in understanding the goals of the client with our knowledge of the tax laws and handling other constraints such as state law restrictions and marketplace realities, to fashion a plan that achieves client goals, within applicable constraints, in the most advantageous manner possible.
Basic services. The Tax and Financial Analysis Department ("TFAD") at Peck Shaffer provides three basic services: (i) dedicated, in-house support to Peck Shaffer bond attorneys on structuring transactions in compliance with state and federal tax laws, (ii) direct consultation with clients, including governmental issuers, conduit borrowers, direct lenders and purchasers of debt instruments, underwriters, financial advisors and swap advisors, trustees, ultimate purchasers, such as mutual funds and insurance companies, and credit enhancers and liquidity providers, on structuring their transactions in compliance with state and federal tax laws; and (iii) analytical services to all of those parties using our own spreadsheets, including arbitrage rebate calculations (see "Rebate Services"), structured finance analyses accepted by the major rating agencies, and verifications of cash flows and bond and investment yields.
Related services. TFAD represents borrowers in transactions and assists borrowers in creating new tax exempt entities. TFAD also represents governmental issuers and conduit borrowers in matters before the IRS. We also advise purchasers on the state and federal tax aspects of purchasing tax-exempt and tax credit bonds at initial sale and in the secondary market and we advise credit enhancers on the state and federal tax aspects of providing initial or subsequent credit enhancement.
Professional reputation. Our attorneys have authored articles and portions of treatises on tax-exempt finance and served as steering committee members, panel leaders and panelists at the National Association of Bond Lawyers, Bond Attorneys Workshops.
While there are no official rankings in this area, our tax attorneys have decades of experience and the savings we have generated through proactive investment strategies in project funds and escrow funds are quantifiable. Also, in most of these cases, we found the opportunities ourselves and put together the strategy to take advantage and achieve savings.
SEE ALSO
"IRS Audit Services"
"Investment Products"
"Rebate Services"