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

What I'm Reading

September 2014
Wednesday, August 27, 2014

Kim Ierian, President of Concorde Career Colleges, and Deborah Edward, Executive Director of Business for Culture & the Arts, share their recent reads.


Read more...

Gender Code

September 2014
Tuesday, August 26, 2014
BY COURTNEY SHERWOOD

Janice Levenhagen-Seeley reprograms tech.


Read more...

Podcast: Testing for Emotional Intelligence with John Hersey

Contributed Blogs
Friday, September 19, 2014
ivbU3sIXBY TOM COX | OB BLOGGER

How can you tell if you, a peer, a subordinate or a job candidate has the emotional intelligence needed to do well?


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...

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...

How to add positivity to your team

Contributed Blogs
Friday, September 12, 2014
happy-seo-orlando-clientsBY TOM COX | OB BLOGGER

I often talk about what leaders can do. What about followers? If you’re a team member and you’d like to add positivity to your team, what might you do?


Read more...

Buyer's Remorse

September 2014
Tuesday, August 26, 2014

Parents and students paying for college today are like homeowners who bought a house just before the housing bubble burst.


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