ADMINISTRATIVE

T.D. 9007, page 349. Final regulations under sections 7122, 6331, and 6103 of the Code provide procedures for the compromise of Internal Revenue tax and provide expanded compromise authority for the IRS. The regulations will permit compromise of liabilities when there is doubt as to the amount of the liability owed, when there is doubt whether the full amount of the tax can be collected, and when compromise would promote effective tax administration. The IRS may compromise to promote effective tax administration when it determines that collection of the full amount of the tax liability would create economic hardship or that compelling public policy or equity considerations identified by the taxpayer provide a sufficient basis for compromise.

T.D. 9010, page 341. Final regulations under sections 6041 and 6045 of the Code concern information reporting requirements for certain payments made on behalf of another person, payments to joint payees, and payments of gross proceeds from sales involving investment advisors. Rev. Ruls. 54–571, 55–606, 59–328, 64–36, 65–129, 67–197, 73–232, 77–53, 85–50, and 93–70 obsoleted as of January 1, 2003. Rev. Ruls. 69–595 and 70–608 obsoleted in part as of January 1, 2003.

T.D. 9011, page 356. Final regulations provide clarifying guidance with respect to and modify the regulations governing practice before the Internal Revenue Service (Circular 230).

Announcement 2002–73, page 387. The Service announces that a supplement to Publication 590, Individual Retirement Arrangements (IRAs), is now available.

Announcement 2002–74, page 387. The Service announces that an updated edition, revised June 2002, of Publication 971, Innocent Spouse Relief (And Separation of Liability and Equitable Relief) is currently available.

August 19, 2002 2002–33 I.R.B.