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The Treasury Department and the IRS have released the 2002-2003 Priorities for Tax Regulations and Other Administrative Guidance. The Priority Guidance Plan identifies the tax issues that Treasury and the IRS will address through regulations, rulings, revenue procedures, notices, and other forms of guidance during the year ending June 30, 2003. The plan, notes Treasury, reflects the combined input of taxpayers, practitioners, and industry groups.
The plan lists "only" 250 projects--a 25 percent drop from last year's total of 296. But that shouldn't be interpreted as a sign the IRS is scaling back. Quite the contrary, since last year's plan covered an 18-month period as the IRS adjusted the plan's fiscal year to avoid the deluge of guidance at year-end.
Keep in mind, however, that while this year's list of projects is impressive, not all of the forthcoming guidance will be related to …