Practical and Practice issues for Professionals who practice in the area of taxation. Moral, social and economic issues relating to taxes, including international issues, the U.S. Internal Revenue Code, state tax issues, etc. Not for "tax protestor" issues, which should be posted in the "tax protestor" forum above. The advice or opinion given herein should not be relied on for any purpose whatsoever. Also examines cookie-cutter deals that have no economic substance but exist only to generate losses, as marketed by everybody from solo practitioner tax lawyers to the major accounting firms.
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I am in the process of retaining an attorney to provide a written tax opinion. In the engagement letter it states that I'm agreeing to give up a trial by jury in exchange for arbitration in case of a future dispute. Is this normal for a tax opinion engagement letter? Is it advisable? Many thanks.
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Rules vary from State to State. In my State, the Board of Bar Overseers mandates that all lawyers must agree to participate in fee arbitration to assure that fees are reasonable and must advise clients of the availability of fee arbitration before the State Board. The State Board establishes fee arbitration panels which include members of the public to review all of such fee complaints. In addition, our engagement letters may (and most firms' do) include a provision for mandatory fee arbitration. Our State Supreme Court has upheld contractual provisions requiring fee arbitration.