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40 Billion
to be paid back.
Are you going to get
Your Share? |
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After large companies
like Office Depot sued the Federal Government and won, the Federal
Government will pay U.S. paybacks that could approach a total of $40
billion.
Check out
these articles:
USA Today &
Wesh,
Channel
2.
Refund must be used on your 2006 Taxes or you don't
get the refund! |
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Commercial Phone
Service Tax Refund |
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Unlike the Residential Phone
Service Tax Refund, the commercial IRS tax credit is much
more sophisticated. Since the excise tax only
applies to certain telecom usages, it isn't easy to identify
and it is even harder to document. The telecom bills are not
broken out and separated to the Federal Excise Tax level.
This analysis and claim procedure is very time consuming and
should be referred out to an auditor to ensure you get the
exempt charges calculated properly for a refund. Once
calculated the supporting evidence is necessary to backup
your claim. |
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Residential Phone
Service Tax Refund |
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The Internal Revenue Service recently
announced the standard amounts that most long-distance residential
customers can use to figure their telephone tax refund, enabling
millions of individual taxpayers to request the telephone tax refund
without having to dig through their old phone bills.
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The standard amounts,
based on the total number of exemptions claimed on individuals’ 2006
federal income tax returns are: |
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$30.00 for a person
filing a return with one exemption |
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$40.00 for two exemptions |
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$50.00 for three exemptions |
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$60.00 for four or more exemptions |
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For example,
a married couple filing a joint return with two dependent children
(for a total of four exemptions) will be eligible for the maximum
standard amount of $60. |
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To claim the
standard amount, eligible taxpayers only need to fill out one
additional section, Line #71, on their regular 2006 1040 return
(Sample form)
The amount is based on the number of exemptions allowed to
that tax payer. |
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Unlike the
Residential Phone Service Tax Refund, the commercial IRS tax credit
is much more sophisticated. |
|
Since the
excise tax only applies to certain telecom usages, it isn't easy to
identify and it is even harder to document. The telecom bills are
not broken out and separated to the Federal Excise Tax level. This
analysis and claim procedure is very time consuming and should be
referred out to an auditor to ensure you get the exempt charges
calculated properly for a refund. Once calculated the supporting
evidence is necessary to backup your claim. |
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Federal
Excise Tax Refund |
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Anyone who
paid the long distance telephone tax will get the refund on their
2006 federal income tax return. There is a three-year statute of
limitations, and 2006 is the ONLY year for which individuals and
businesses can claim the exemption. |
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Consult
Bytes, Bits & Megabytes for your residential and commercial Federal
Excise Tax refunds. In every case, our clients are very satisfied
with the results obtained from our professional audits. |
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Call our
office for a free consultation today: (407) 699-2108, ext 101 |
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Telecommunications
Audit |
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Disaster Recovery Planning
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It’s hurricane
season again, and that means it’s time to make preparations. Of
course your main objective is to make sure your family is safe
and protected. Then your second should be to protect your
property and business.
Every year emergencies take their toll on business, in the form
of; hurricanes, tornadoes, power outages, fires, water damage &
so many more. The cold hard fact is that most businesses
affected by a major incident will not recover. The good news is
you can quickly return to normal operations, if you plan ahead.
To create a successful Disaster Recovery Plan you need to;
read, plan, prepare, practice, and above all else remain
flexible and adaptable. Once you have a plan it is important to
assign your employees task and be sure that everyone knows what
their role is. We have a great
check list
,
additional research links and a great article with tips to help
prepare your business.
How will you receive calls if your phone system isn't
operational? If your customers can't reach you, will they go to
your competition? Most likely. Continued communications with
your customers is key to your business success. We can provide a
Virtual Office Service
that can route your office calls to different locations, such as
cell phones or home numbers allowing you to continue to receive
your calls, and service your customers even if your phone system
is not operational.
Make
Disaster Recovery Planning
a priority this year, and if you need help we are only a phone
call away.
Call Us Today!
407-699-2108
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