Bulletin No. 2002–27 July 8, 2002

REG–126024–01, page 64. Proposed regulations provide rules relating to the reporting of gross proceeds payments to attorneys. The regulations reflect changes to the law made by the Taxpayer Relief Act of 1997. The regulations will affect attorneys who receive payments of gross proceeds on behalf of their clients and certain payors (for example, defendents in lawsuits and their insurance companies and agents) that, in the course of their trades or businesses, make payments to these attorneys. A public hearing is scheduled for September 30, 2002.