Links to Official IRS Bulletin Documents listed below are in the Adobe Acrobat PDF Format, and require the appropriate Acrobat Reader to view and/or print.
SPECIAL ANNOUNCEMENT
Announcement 2002-110(PDF, 24K)
The Service has extended the time to apply to participate in the settlement initiative for Contingent Liability Transactions, the procedures for which were prescribed in Rev. Proc. 2002-67, 2002-43 I.R.B. 733. In order to allow taxpayers a longer opportunity to consider the settlement initiative, the settlement methodology they wish to select, and to assemble the necessary information, the Service has extended the application date from January 2, 2003, to March 5, 2003.
INCOME TAX
Notice 2002-79(PDF, 44K)
Gross income; advance payments. This notice proposes a revenue procedure that, if finalized, will modify and supersede Rev. Proc. 71-21, 1971-2 C.B. 549, and allow taxpayers using an accrual method of accounting to defer the inclusion of advance payments in gross income for federal income tax purposes in certain limited situations.
REG-127380-02(PDF, 23K)
Proposed regulations provide guidance regarding the application of section 367(e)(2) of the Code to certain outbound liquidations. The regulations amend the anti-abuse rule of section 1.367(e)-2(d) by narrowing the scope of the rule to apply only to outbound transfers to a foreign corporation in a complete liquidation of a domestic corporation in which a principal purpose of the liquidation is the avoidance of U.S. tax. A public hearing is scheduled for March 3, 2003.
Rev. Rul. 2002-70(PDF, 26K)
Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning January 1, 2003, will be 5 percent for overpayments (4 percent in the case of a corporation), 5 percent for underpayments, and 7 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 2.5 percent.
T.D. 9023(PDF, 38K)
Final regulations under section 1441 of the Code provide rules to allow withholding agents, who are also acceptance agents, to rely on a beneficial owner withholding certificate that does not contain an individual taxpayer identifying number (ITIN), in limited circumstances when the IRS is not issuing ITINs. Specifically, the regulations have the effect of: (1) allowing certain withholding agents to obtain ITINs on an expedited basis for foreign individuals receiving unexpected payments and claiming tax treaty benefits with respect to those payments; and (2) allowing withholding agents to make unexpected payments to foreign individuals, who do not possess ITINs, when the use of the expedited process is unavailable.
EMPLOYEE PLANS
Rev. Rul. 2002-84(PDF, 31K)
Overpayment, offset and repayment. This ruling describes three situations where there are overpayments of benefits from a qualified plan within the meaning of section 401(a) of the Code, the tax consequences of those overpayments, and the subsequent offsets by the plan or repayment to the plan.
ADMINISTRATIVE
Announcement 2002-111(PDF, 15K)
This document contains a correction to the date of the public hearing on proposed regulations (REG-143321-02, 2002-48 I.R.B. 922) under section 6043(c) of the Code relating to information reporting of taxable stock transactions. The hearing is rescheduled from March 5, 2003, to March 25, 2003.
Announcement 2002-112(PDF, 20K)
This document contains corrections to final regulations (T.D. 9016, 2002-40 I.R.B. 628) under section 141 of the Code relating to the definition of private activity bonds applicable to tax-exempt bonds issued by state and local governments for output facilities.
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