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

TAX BILL INTRODUCED JUNE 5th:
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)

INTERNAL REVENUE SERVICE - CIRCULAR 230 DISCLOSURE:
As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein.

STEPTOE & JOHNSON LLP - TAX PRACTICE
Steptoe & Johnson LLP has one of the largest and most diverse law firm tax practices in the country. The practice covers the entire spectrum of federal taxation, including representation of businesses before the Congress, Treasury and the national office of the IRS; transactional planning for domestic and multinational corporations; complex audit and controversy work for corporations and other business interests contesting IRS adjustments; litigation before the Tax Court, Court of Federal Claims, district courts, courts of appeals and the Supreme Court. The firm's tax practice also encompasses all aspects of employee benefits (ERISA), executive compensation, tax-exempt organizations and charitable giving. Steptoe has an extensive state and local tax practice, representing an array of business clients on complex sales and use tax, corporate income tax and property tax matters, both advising those clients and handling audits, administrative appeals, and litigation for them. Read more information on Steptoe's tax practice.