FinanceRegs.com » Phone tax refund redux — get the dollars you’re due

Phone tax refund redux — get the dollars you’re due

May 21, 2008 by Carol Katarsky
Posted in: IRS regs, In this week's e-newsletter, Internal controls, Latest news & views, Tax compliance

Did you leave money on the table when your company filed its federal taxes last year? Chances are you did. Turns out, of the nearly 14 million companies that were expected to qualify for the rebate of paid phone taxes, fewer than 1 million companies actually claimed it.

Some Accounting pros may have passed up the funds, figuring it wasn’t worth digging up years-old phone records to figure the amount they were due. But IRS has an easier formula you can use to estimate your refund based on phone records from April and Sept. of 2006.

In these cash-strapped times, the little bit of extra work might be worth it. And fortunately, there’s still time to file an amended return. Get the details here.

 

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