Jerry has been counseling clients in the tax aspects of public finance transactions since 1984, and he leads the firm’s Tax-Exempt Bond Controversy Resolution Practice.
He is called upon frequently to comment on tax and public finance issues for many national media outlets, including The Bond Buyer, Tax Analysts, Bureau of National Affairs, and Bloomberg News.
Before joining Mintz Levin, Jerry practiced in a prominent international firm where he led the public finance tax and public finance enforcement and compliance practices. Jerry also maintains his accreditation as a Certified Public Accountant in Massachusetts.
Representative Matters
- Preparing written post issuance compliance procedures for issuers and borrowers.
- Performing Schedule K reporting reviews for section 501(c)(3) borrowers.
- Advisor to a major law firm on public finance tax matters.
- Tax counsel to state and local pool bond issuers.
- Representing state issuers on the federal tax aspects of tax-exempt financings for first-time homebuyers and developers of residential rental projects.
- National counsel to a large food service provider on the tax aspects of management contracts.
- Issued section 501(c)(3) opinions in connection with tax-exempt financing of health care facilities.
- Representing a leading underwriter as derivative product tax counsel.
- Counsel to financially distressed states and cities in the federal tax aspects of billions of dollars of tax-exempt working capital financings.
- Qualified 501(c)(3) Bonds: Represented borrower in an audit that reviewed its operations, use of bond proceeds, facility valuation, management contracts, and private use. Negotiated a closing agreement with the IRS. Settlement funded by other parties to transaction.
- Advance Refunding Bonds: Represented issuers and underwriters in multiple transactions involving IRS review and challenge of pricing and yield calculation methodology of escrow funds. Transactions involved Treasuries, guaranteed investment contracts, and various derivative products. Obtained “no change” letters and negotiated closing agreements with IRS. The closing agreements permitted escrow restructurings and refundings at significant savings to issuers. The settlement agreements minimized issuer contributions and protected reputation of parties.
- Housing Bonds: Represented issuer in an examination involving change in status from Qualified 501(c)(3) Bonds to Exempt Facility Bonds subject to the AMT. Obtained letter ruling and closing agreement preserving tax-exempt status.
- Airport Facility Bonds: Represented issuer and conduit borrower on two similar audits examining compliance with exempt facility rules, including lease characterization, accounting record documentation, and useful life limitations. Obtained “no change” letters in both matters.
- Pool Bonds: Represented issuer in an examination encompassing expenditure analysis, rebate compliance, swap pricing, and yield integration. Obtained “no change” letter for issuer.
- Section 6700 Examination: Represented senior underwriter in audit of numerous advance refunding transactions involving investment valuation, yield computation, record keeping, and derivative pricing issues. Audit was discontinued and no action was taken against issuers or underwriter.
- Correspondence Examinations: Represented issuers and borrowers responding to IRS’ arbitrage, pool bond, cost of issuance, multi-family, and other initiatives.
- Represented issuers and borrowers in negotiating closing agreements involving unrestricted sinking funds, failure to roll state and local government securities, solid waste qualification, and excessive private use, among other matters.
- Represented funds in facilitating settlement agreement negotiations among the issuer, bond counsel, and the underwriters.
Recognitions & Awards
- Fellow, American College of Tax Counsel
- Fellow, American College of Bond Counsel
- Life Fellow, American Bar Foundation
- New York Super Lawyers: Tax (2008 – 2012)
- Best Lawyers in America: Public Finance Law (2008 – 2013)
- Martindale-Hubbell AV Preeminent
Professional & Community Involvement
- Past chair, American Bar Association Committee on Tax-Exempt Financing
- Past member, Steering Committee for Annual Bond Attorneys’ Workshop, National Association of Bond Lawyers
- Past IRS panel chair, Annual Bond Attorneys’ Workshop, National Association of Bond Lawyers
- Tax columnist, The Bond Lawyer, National Association of Bond Lawyers
Jerry has been counseling clients in the tax aspects of public finance transactions since 1984, and he leads the firm’s Tax-Exempt Bond Controversy Resolution Practice.
He is called upon frequently to comment on tax and public finance issues for many national media outlets, including The Bond Buyer, Tax Analysts, Bureau of National Affairs, and Bloomberg News.
Before joining Mintz Levin, Jerry practiced in a prominent international firm where he led the public finance tax and public finance enforcement and compliance practices. Jerry also maintains his accreditation as a Certified Public Accountant in Massachusetts.
Representative Matters
- Preparing written post issuance compliance procedures for issuers and borrowers.
- Performing Schedule K reporting reviews for section 501(c)(3) borrowers.
- Advisor to a major law firm on public finance tax matters.
- Tax counsel to state and local pool bond issuers.
- Representing state issuers on the federal tax aspects of tax-exempt financings for first-time homebuyers and developers of residential rental projects.
- National counsel to a large food service provider on the tax aspects of management contracts.
- Issued section 501(c)(3) opinions in connection with tax-exempt financing of health care facilities.
- Representing a leading underwriter as derivative product tax counsel.
- Counsel to financially distressed states and cities in the federal tax aspects of billions of dollars of tax-exempt working capital financings.
- Qualified 501(c)(3) Bonds: Represented borrower in an audit that reviewed its operations, use of bond proceeds, facility valuation, management contracts, and private use. Negotiated a closing agreement with the IRS. Settlement funded by other parties to transaction.
- Advance Refunding Bonds: Represented issuers and underwriters in multiple transactions involving IRS review and challenge of pricing and yield calculation methodology of escrow funds. Transactions involved Treasuries, guaranteed investment contracts, and various derivative products. Obtained “no change” letters and negotiated closing agreements with IRS. The closing agreements permitted escrow restructurings and refundings at significant savings to issuers. The settlement agreements minimized issuer contributions and protected reputation of parties.
- Housing Bonds: Represented issuer in an examination involving change in status from Qualified 501(c)(3) Bonds to Exempt Facility Bonds subject to the AMT. Obtained letter ruling and closing agreement preserving tax-exempt status.
- Airport Facility Bonds: Represented issuer and conduit borrower on two similar audits examining compliance with exempt facility rules, including lease characterization, accounting record documentation, and useful life limitations. Obtained “no change” letters in both matters.
- Pool Bonds: Represented issuer in an examination encompassing expenditure analysis, rebate compliance, swap pricing, and yield integration. Obtained “no change” letter for issuer.
- Section 6700 Examination: Represented senior underwriter in audit of numerous advance refunding transactions involving investment valuation, yield computation, record keeping, and derivative pricing issues. Audit was discontinued and no action was taken against issuers or underwriter.
- Correspondence Examinations: Represented issuers and borrowers responding to IRS’ arbitrage, pool bond, cost of issuance, multi-family, and other initiatives.
- Represented issuers and borrowers in negotiating closing agreements involving unrestricted sinking funds, failure to roll state and local government securities, solid waste qualification, and excessive private use, among other matters.
- Represented funds in facilitating settlement agreement negotiations among the issuer, bond counsel, and the underwriters.
Recognitions & Awards
- Fellow, American College of Tax Counsel
- Fellow, American College of Bond Counsel
- Life Fellow, American Bar Foundation
- New York Super Lawyers: Tax (2008 – 2012)
- Best Lawyers in America: Public Finance Law (2008 – 2013)
- Martindale-Hubbell AV Preeminent
Professional & Community Involvement
- Past chair, American Bar Association Committee on Tax-Exempt Financing
- Past member, Steering Committee for Annual Bond Attorneys’ Workshop, National Association of Bond Lawyers
- Past IRS panel chair, Annual Bond Attorneys’ Workshop, National Association of Bond Lawyers
- Tax columnist, The Bond Lawyer, National Association of Bond Lawyers
Publications
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Author,
IRS Warns That Financial Restructurings Can Jeopardize Tax-Exemption of Bonds, Public Finance Advisory ()
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Co-author,
IRS Announces Closing Agreement Program for Tax-Exempt Student Loan Bonds Subject to Taxability Determination Due to Loan-Swapping, Public Finance Advisory ()
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Author,
Recent Developments Regarding Issuer Responsibility for Reviewing Initial Offering Prices of Bonds, Public Finance Alert ()
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Author,
Schedule K and Post-Issuance Compliance, Public Finance Alert ()
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Author,
Schedule K and Post-Issuance Compliance, Public Finance Alert ()
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Author,
$25 Billion Recovery Zone Bond Program Implemented, Public Finance Tax Advisory ()
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Co-author,
Exempt Status Denied to Student Housing Nonprofit, Public Finance Advisory ()
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Author,
Post Issuance Compliance and Reporting for Qualified 501(c)(3) Bonds, Public Finance Alert ()
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Co-author,
IRS Publishes Notice 2008-27 to Facilitate Certain Restructurings of Tax Exempt Bonds, Public Finance Alert ()
Speaking Engagements
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Moderator,
Will the Historical Approach of Exempting Interest on Municipal Bonds be Radically Changed by the New Congress?,
ABA Section of Taxation 2013 Midyear Meeting,
American Bar Association, Orlando, FL
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Chair,
Enforcement: IRS Focus and the Increased Role of VCAP,
2012 Bond Attorneys' Workshop,
National Association of Bond Lawyers, Chicago, IL
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Speaker,
Lessons Learned from IRS Audits of Tax-Exempt Bonds,
Healthcare Financial Management Association NH-VT Chapter, Lebanon, NH
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Panelist,
Municipal Market Dynamics: Understanding the IRS’s Concerns About Issue Price,
NAHEFFA Spring 2012 Conference,
National Association of Health & Educational Facilities Finance Authorities, Washington, DC
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Speaker,
Understanding the Secondary Market for Municipal Bonds,
Eastern Association of College and University Business Officers (EACUBO), Hershey, PA
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Speaker,
A Comparison and Analysis of IRS and SEC Examinations of 501(c)3 Borrowers,
NAHEFFA Fall 2011 Conference,
National Association of Health and Educational Facilities Finance Authorities, San Diego, CA
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Speaker,
Post-Issuance Compliance: Schedule K and Beyond,
Mintz Levin and KPMG, LLP, Webinar
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Speaker,
Lessons Learned from the Preparation of the 2009 Schedule K,
Mintz Levin and KPMG, Webinar
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Chair,
Tax Exempt Financing,
ABA Section on Taxation Midyear Meeting,
American Bar Association, Boca Raton, FL
-
Speaker,
Selected Topics in Tax Enforcement,
NABL Bond Attorneys’ Workshop,
National Association of Bond Lawyers, San Antonio, TX
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Moderator,
Public and Private Municipal Funding of Renewable Energy Projects and Green Expenditures,
Webinar
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Speaker,
Using the Form 990 as a Risk Management Tool,
HCCS and Partners HealthCare, Webinar
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Moderator,
Topic 1 - Discussion of Tax Exempt Bond Provisions Relating to Marketability in American Recovery and Reinvestment Act of 2009; Topic 2 - IRS Compliance and Tax Administration Update,
ABA Section of Taxation 2009 May Meeting,
American Bar Association, Washington, DC
-
Moderator,
IRS: A New ERA of Oversight,
Advanced Seminar on Health Care,
Education Committee of the National Federation of Municipal Analysts
-
Moderator,
IRS Compliance Update,
2009 Midyear Meeting,
American Bar Association Section of Taxation
Newsroom
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Mintz Levin’s Jeremy A. Spector to Moderate Panel on Tax Reform at 2013 ABA Section of Taxation Mid-year Meeting, ()
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Twenty-Four Mintz Levin Attorneys Named 2012 New York Super Lawyers and Rising Stars, ()
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Sixty Mintz Levin Attorneys Included in The Best Lawyers in America, 2013 Edition, ()
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Twenty Mintz Levin Attorneys Named 2011 New York Super Lawyers and Rising Stars, ()
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Forty-Three Mintz Levin Attorneys Included in The Best Lawyers in America, 2012 Edition, ()
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Quoted in
IRS Finalizes Rules for Bond-Financed Waste Facilities, The Bond Buyer ()
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Quoted in
IRS Guidance Allows Allocation of Volume Cap to Entire Financing, BNA Daily Tax Report ()
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Quoted in
New Option on Bond Issuance Date Helpful, Practitioners Say, Tax Analysts ()
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Eighteen Mintz Levin Attorneys Named 2010 New York Super Lawyers, ()
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Thirty-Nine Mintz Levin Attorneys Included in The Best Lawyers in America, 2011 Edition, ()
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Jeremy A. Spector Named Member of The Fellows of the American Bar Foundation, ()
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Thirty-One Mintz Levin Attorneys Included in The Best Lawyers in America, 2010 Edition, ()
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Jeremy A. Spector Appointed Chair of American Bar Association's Committee on Tax Exempt Financing, ()
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Twenty-Nine Mintz Levin Attorneys Included in The Best Lawyers in America, 2009 Edition, ()
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Eight Mintz Levin Attorneys Named New York Super Lawyers, ()
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Mintz Levin's Public Finance Section Expands Scope with Tax-Exempt Bond Controversy Resolution Practice, ()
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Mintz Levin Continues Growth of Public Finance Practice with IRS Enforcement Expert Jeremy A. Spector, ()