FROM THE OFFICE OF PUBLIC AFFAIRS

The Treasury Department and the Internal Revenue Service today released the 2002-2003 Priorities for Tax Regulations and Other Administrative Guidance. The Priority Guidance Plan identifies the tax issues that Treasury and IRS will address through regulations, rulings, notices and other forms of guidance during the year ending June 30, 2003. This plan reflects the combined input of taxpayers, practitioners and industry groups.

Attached is a joint statement from Pam Olson, the Treasury Department’s Acting Assistant Secretary for Tax Policy, Charles O. Rossotti, Commissioner of the Internal Revenue Service, and B. John Williams, Jr., Chief Counsel of the Internal Revenue Service, regarding the 2002-2003 Priority Guidance Plan.

The 2002-2003 Priority Guidance Plan is attached.