IRS Announces OPR Settlement

Earlier in the week, the IRS’s Office of Professional Responsibility (OPR) announced a settlement agreement with three attorneys in connection to a $31 million municipal bond issuance involving River Park Square in Spokane, Washington in 1998 handled by the former firm of Preston, Gates & Ellis LLP. However, the IRS and the attorneys both agreed that the settlement does not constitute any admission of wrongdoing. According to the IRS, the ORP is pleased to have reached this agreement because it demonstrates their commitment to ensuring bond lawyers comply with Circular 230 when involved in tax-exempt municipal bond issuances.