Tax Planning Clinic Seminar/Fieldwork
Students in the TPC will provide tax advice, tax training, and tax research support to other NYLS clinics, project-based learning courses, and NYLS service projects; provide tax research support to NYLS tax and estate planning CLE programs; and submit commentary on proposed tax regulations to the Treasury.
In particular, TPC will support the work of the Transactional Law Clinic by (1) providing tax research and tax advice for specific TLC clients and transactions, (2) introducing TLC students to the key tax issues in starting a business, choice of business form, setting up not-for-profit organizations, tax compliance, and various kinds of transactions as they present themselves, and (3) developing and updating handbooks and materials on relevant tax issues, including tax compliance, for TLC students, TLC clients, and TLC community outreach efforts. The Tax Planning Clinic will offer similar support to NYLS programs involved in pro bono work in the areas of immigration law, family law, civil rights law, and criminal law, as needed.
In their fieldwork, students will work in pairs on assigned projects under the supervision of NYLS tax faculty, adjunct tax professors, and NYLS Tax Fellows. Fieldwork will be focused in seven directions: (1) tax research, (2) written tax back-up memoranda, (3) handbooks and materials, (4) interviewing and advising student co-counsel and clinic clients where appropriate, (5) reviewing and providing comments and drafting support on tax issues presented by organizational and transactional documents and other agreements, (6) analyzing proposed Treasury tax regulations, and (7) tracking developments in tax law.
Tax Planning Clinic students will have the opportunity to develop and refine their skills in communicating about complex tax issues with co-counsel, clients, and tax colleagues; setting and meeting deadlines; working as part of a team; following and evaluating developments in tax law; and participating in the development of Treasury tax regulations by submitting public comments that will be posted on www.regulations.gov. In supporting CLE programs, students will work directly with the speakers in finding and developing appropriate materials. CLE teaching is an important part of tax practice as is participation in disinterested commentary on statuary and regulatory developments.
In additional to fieldwork, there will be a weekly seminar. In the seminar students will present their fieldwork for review and comment, plan and role-play an interviewing and advising meeting, and study and discuss standards of tax practice with particular reference to the Section 6662 and Section 6664 substantial authority standard for mitigation of taxpayer penalties and the Section 6694 tax return. preparer standards, review the handbooks and other materials being developed or updated, and present weekly reports on developments in tax law. The seminar will include 4 to 6 hours of hands on training in tax research each semester.
Prerequisite: Federal Income Tax: Individual
Pre/co-requisite: Federal Income Tax Corporate; Business Law Issues in Structuring the Closely Held Enterprise Business or Tax Policy