Daily Tax Update - June 6, 2008

IRS ADDS MORE FUNCTIONS TO ONLINE PAYMENT AGREEMENT APPLICATION: Today, the IRS introduced several new features to the Online Payment Agreement application on IRS.gov, which will make it easier for taxpayers and their authorized representatives to make changes to existing installment agreements.

  • According to the IRS, the system will now permit:
    • “Individuals to revise their payment due dates and/or amounts on existing agreements;
    • Individuals to revise existing extensions to regular installment agreements and direct debit installment agreements;
    • Individuals to revise existing regular installment agreements to a payroll deduction installment agreement or a direct debit installment agreement;  and
    • Practitioners with valid authorizations to use the signature date found on their approved Form 2848, Power of Attorney and Declaration of Representative, or the caller ID as an alternate way to authenticate when requesting agreements for clients.”
  • Additional information can be accessed via: http://www.irs.gov/businesses/small/article/0,,id=108347,00.html

H.R.6194: To amend the Internal Revenue Code of 1986 to provide that the volume cap for private activity bonds shall not apply to bonds for facilities for the furnishing of water and sewage facilities.
Sponsor: Rep Pascrell, Bill, Jr. [NJ-8] (introduced 6/5/2008)      Cosponsors (1)

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