Businesses, Individuals and Tax-Exempts Can Use Formula for Telephone Tax Refund
This entry was posted on 11/19/2006 2:33 AM and is filed under uncategorized.
From the IRS Nov. 16, 2006 - "The Internal Revenue Service today announced a formula that will allow businesses and tax-exempt organizations to estimate their federal telephone excise tax refunds.
"The formula will provide a less burdensome option than gathering up to 41 months of old phone records," said IRS Commissioner Mark W. Everson.
In May 2006, the IRS announced that individuals, businesses and tax-exempt organizations who paid the long-distance telephone excise tax can request the refund on their 2006 federal income tax returns." More
The credit is refundable, meaning that if you do not have to file because of a low income, you can still get a refund. The standard refund amounts range from $30 to $60. The relatively easy form to file out, 1040EZ-T, for people not required to file, is available from the IRS. Practitioners such as myself will be doing a few of these easy returns, but it certainly can be self prepared by most people. Just be sure to read through all 4 pages at the link.
If you know of people who normally don't file a return, ask them if they know about this refund?
