11/20/2006
IRS Announces Formula Businesses Can Use for Telephone Tax Refund
by Laura Fine, Assistant State Director
The IRS announced last week a formula that will allow businesses to estimate their federal telephone excise tax refunds that relieves the burden of gathering up to 41 months of old phone records. 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.
To request a refund, businesses (including sole proprietors, corporations, and partnerships) and tax-exempt organizations must complete Form 8913, Credit for Federal Telephone Excise Tax Paid. To complete this form, businesses and tax-exempt organizations may determine the actual amount of refundable long-distance telephone excise taxes they paid for the 41 months from March 2003 through July 2006, or use the formula to figure their refunds. Businesses should attach Form 8913 to their regular 2006 income tax returns. Tax-exempt organizations must attach it to Form 990-T.
For more information visit: http://www.irs.gov/newsroom/article/0,,id=164310,00.html.
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