Internal Revenue Bulletins  

February 24, 2003

Internal Revenue Bulletin No. 2003-08

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.


Notice 2003-13(PDF, 29K)
This notice provides a proposed revenue procedure that would establish a procedure for a payment card organization to request a determination that it is a Qualified Payment Card Agent. A QPCA could act on behalf of cardholder/payors in soliciting, collecting, and validating merchants' names, Taxpayer Identification Numbers (TINs), and corporate status, and on behalf of merchant/payees in furnishing such information to cardholder/payors.

REG-116641-01(PDF, 43K)
Proposed regulations under sections 3406 and 6724 of the Code provide guidance relating to the Taxpayer Identification Number (TIN) Matching Program and to information reporting requirements, information reporting penalties, and backup withholding requirements for payment card transactions. The regulations provide that backup withholding does not apply to payment card transactions if the reportable payments are made through a Qualified Payment Card Agent (QPCA) and the payee is a qualified payee. The regulations also provide special Taxpayer Identification Number (TIN) solicitation rules under section 6724 for payments made through a QPCA. A public hearing is scheduled for May 21, 2003.

T.D. 9031(PDF, 54K)
REG-138882-02(PDF, 20K)
Temporary and proposed regulations under section 121 of the Code provide rules relating to the reduced maximum exclusion of gain from the sale or exchange of property that the taxpayer has not owned and used as the taxpayer's principal residence for two of the preceding five years or when the taxpayer has excluded gain from the sale or exchange of a principal residence within the preceding two years.

Rev. Proc. 2003-9(PDF, 24K)
This procedure expands the Taxpayer Identification Number (TIN) Matching Program, permitting payors to verify, prior to filing, payee TINs required to be reported on information returns and payee statements. The federal TIN Matching Program established by Rev. Proc. 97-31 was limited to federal agencies. Rev. Proc. 2003-9 establishes an on-line system open to all payors of reportable payments and their authorized agents. Program participants will be able to rely on a verified TIN/name match as reasonable cause under section 6724(a) of the Code, which will provide significant incentive for payors to check and correct payee TINs before filing. Rev. Proc. 97-31 modified.

Rev. Rul. 2003-21(PDF, 16K)
LIFO; price indexes; department stores. The December 2002 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, December 31, 2002.

Rev. Rul. 2003-22(PDF, 22K)
Low-income housing credit; satisfactory bond; "bond factor" amounts for the period January through March 2003. This ruling announces errors in the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through March 2003. It also provides a list of the corrected bond factor amounts. Rev. Rul. 2003-2 revoked.

Rev. Rul. 2003-23(PDF, 22K)
Estimated tax penalty safe harbor. This ruling addresses the application of section 6654(d)(1)(B)(ii) of the Code where an individual filed a late original return for the preceding year.

T.D. 9030(PDF, 85K)
Final regulations under section 121 of the Code provide rules relating to the exclusion of gain from the sale or exchange of a principal residence and for the application of the exclusion to an individual's bankruptcy estate.

T.D. 9041(PDF, 21K)
Final and temporary regulations under section 3406 of the Code allow a payor's authorized agent to participate in the Taxpayer Identification Number (TIN) Matching Program.


Notice 2003-14(PDF, 23K)
Weighted average interest rate update. The weighted average interest rate for February 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth.

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