Newsletter
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Installment agreements. The IRS currently charges $43 for entering an
installment agreement and $24 for restructuring or reinstalling an installment
agreement that is in default. Under proposed amendments to the regulations
effective 1/1/07, the fee for entering into an installment agreement will be
$105, although a lower $52 fee will apply when the taxpayer pays via direct
debit from a bank account, while the fee for restructuring or reinstalling an
installment agreement will be $45.
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Energy credit for homeowners. Notice 2006-26 provided guidance on the
new tax credit for nonbusiness energy property, including rules for eligible
building envelope component (see Tax Tips April 2006). As reported in Tax Tips
Quick Hits for July 2006, the IRS subsequently issued Notice 2006-53 to clarify
that exterior siding doesn’t qualify as an eligible building envelope
component, effective for siding purchased after 6/26/06 and to certifications
that a manufacturer provided after that date to purchasers of siding. The IRS
has now modified Notice 2006-53 by revising its effective date. The 6/26/06
date is still in place, but for siding installed before 12/1/06 taxpayers can
rely on the guidance originally set fort in Notice 2006-26. (Notice 2006-71)
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