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

Tight and Loose

September 2014
Wednesday, August 27, 2014
BY JENNIFER MARGULIS

As schools implement more rigorous academic standards, holistic and flexible approaches to K-12 education flourish.


Read more...

Downtime

September 2014
Wednesday, August 27, 2014
BY JESSICA RIDGWAY

How State Representative Julie Parrish (House District 37) balances life between work and play.


Read more...

Video: The 100 Best Survey

News
Thursday, August 28, 2014

100-best-logo-2015 500pxw-1OB Research Editor Kim Moore shares some pointers about the 100 Best Companies to Work For survey.


Read more...

College Hacker

September 2014
Wednesday, August 27, 2014
BY KLINT FINLEY

Treehouse CEO Ryan Carson builds a 21st-century trade school.


Read more...

Back to School

September 2014
Wednesday, August 27, 2014
BY LEE VAN DER VOO

By now we’ve all read the headlines: Starbucks is giving away free degrees. Except it isn’t.


Read more...

Private liberal arts education: superior outcomes, competitive price

Contributed Blogs
Tuesday, August 26, 2014
0826 thumb collegemoneyBY DEBRA RINGOLD | OP-ED CONTRIBUTOR

Why has six years become an acceptable investment in public undergraduate education that over-promises and underperforms?


Read more...

Startup or Grow Up?

September 2014
Tuesday, August 26, 2014
BY JON BELL

Startup culture is all the rage. Is there a downside?


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