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

Downtime

October 2014
Thursday, September 25, 2014
BY JESSICA RIDGWAY

I'm not very interesting,” says a modest Ray Di Carlo, CEO and executive producer of Bent Image Labs, an animation and visual effects studio.


Read more...

100 Best Nonprofits announced

News
Thursday, October 02, 2014

100NP14logo4WebOregon Business magazine has named the sixth annual 100 Best Nonprofits to Work for in Oregon.


Read more...

Healthcare pullback

News
Thursday, November 20, 2014
112014-boehnercare-thumbBY JASON NORRIS | OB CONTRIBUTOR

Each month for Oregon Business, we assess factors that are shaping current capital market activity—and what they mean to investors. Here we take a look at two major developments regarding possible rollbacks of the Affordable Care Act (ACA).


Read more...

Election Season

November/December 2014
Wednesday, October 22, 2014

We didn’t intend this issue to have an election season theme. But politics has a way of seeping into the cracks and fissures.


Read more...

A Recipe for Success

October 2014
Thursday, September 25, 2014
BY LINDA BAKER

Two businesswomen, two iconic food brands and one food-obsessed city. We thought this sounded like a recipe for good conversation. So in late August, Oregon Business sat down with Wendy Collie, CEO of New Seasons Market, and Kim Malek, owner of Salt & Straw, to discuss their rapidly expanding businesses and Oregon’s trendsetting food scene.


Read more...

Constant Contact

October 2014
Thursday, September 25, 2014
BY AMY MILSHTEIN

To prevent burnout, companies are banning email and after-hours communications. But is the 24-hour workday here to stay?


Read more...

Shuffling the Deck

November/December 2014
Wednesday, October 22, 2014
BY JON BELL

Oregon tribes still bet on casinos.


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