Home Archives March 2007 Tax advice: Your business could get a phone tax refund

Tax advice: Your business could get a phone tax refund

| Print |  Email
Thursday, March 01, 2007

As tax season approaches it can feel as though Uncle Sam lives to take money. But every once in a while, he gives a little back.

Businesses are eligible for a federal excise tax refund on their long-distance and bundled telephone services dated from March 1, 2003, through July 2006. Landline, wireless or voice-over IP long-distance services all qualify for refunds.

Haven’t heard of this before? That could be because this is a one-time refund that has to be claimed on 2006 income tax returns, says Scott Remington, a tax partner at the Portland office of Grant Thornton, an accounting, business and tax advisory firm.

“Unlike a lot of tax ideas,” he says, “this has more widespread applicability.”

Business entities such as corporations, trusts and nonprofits can request the telephone tax refund. Remington says the claims process is straightforward: Businesses can either sift through their records from the past 41 months or use a formula on the Internal Revenue Service website that can estimate the amount of refunds an organization is entitled to.

“At a minimum, if they have the resources, companies should adopt the shorter method,” says Remington.

No matter which process an organization chooses to use, Form 8913 must be completed or a company risks losing out on this refund opportunity. Companies should include the form with their filed 2006 return. The IRS estimates about $10 billion in phone tax refunds will be made by the end of the tax season.

For more information and to find Form 8913, go to the IRS website at http://www.irs.gov/newsroom.

— Colleen Moran



Have an opinion? E-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

More Articles

Podcast: Interview with Steve Balzac

Contributed Blogs
Tuesday, August 19, 2014

082014BalzacBY TOM COX | OB BLOGGER

Tom Cox interviews Steve Balzac, author of "Organizational Psychology for Managers."


Read more...

Q&A: David Lively of Organically Grown Co.

News
Tuesday, July 01, 2014
OGCLogoBY HANNAH WALLACE | OB BLOGGER

Demand for organic food continues to soar: Last year, sales of organic food rose to $32.3 billion — up 10% from 2012. In Oregon, organic produce wholesaler Organically Grown Co. has been championing organic growing methods for four decades.


Read more...

OB Video: Oregon MESA

News
Thursday, June 26, 2014

ThumbOregon Business hosts an informal roundtable discussion about the Oregon MESA (Mathematics, Engineering, Science Achievement) program.


Read more...

South Waterfront's revenge

News
Thursday, July 24, 2014
MoodyAveBY LINDA BAKER | OB EDITOR

Remember the naysayers?  Those who called the South Waterfront aerial tram a boondoggle?  Those who rejoiced at the massive sell off of luxury condos at the John Ross and Atwater Place?


Read more...

Oversight? Or gaming the system?

News
Monday, July 14, 2014
AmazonBY VIVIAN MCINERNY | OB BLOGGER

Some people think Amazon’s winking eye logo is starting to look like a hoodwink.


Read more...

Register for 100 Best Companies survey

News
Wednesday, August 20, 2014
OBM-100-best-logo-2015 150pxwBy Kim Moore | OB Editor

The 2015 survey launched this week. It is open to for-profit private and public companies that have at least 15 full- or part-time employees in Oregon.


Read more...

Green Endeavor cleans up

News
Wednesday, August 06, 2014
080614 ULnew greenendeavorBY LINDA BAKER | OB EDITOR

Portland startup Green Endeavor strikes gold, inking a partnership with Underwriters Laboratories, an Illinois-based consulting and certification company with offices in 46 countries.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS