Telephone Tax Refund

As you may have already heard, the Treasury Department is providing a telephone tax refund to all individuals, businesses, and tax-exempt organizations which can be requested on the 2006 federal tax return.

The refund is for excise taxes on long-distance telephone service and bundled services paid for the 41 months from March 2003 through July 2006.  The IRS has provided individual taxpayers a standard amount of refund based on the number of exemptions allowed the taxpayer.  

Unfortunately, there is no standard amount for businesses and tax-exempt organizations, but there is a formula the Treasury Department has provided to make the calculation somewhat easier for you.  We have created an Excel spreadsheet based on this formula for your use in calculating the amount of your telephone tax refund for 2006.  We are attaching the Excel spreadsheet for your use as well as a Sample Worksheet so you can see a hypothetical telephone tax refund.

 If you are a business (sole proprietor, C or S corporations or partnerships) or tax-exempt organization fill out this spreadsheet and send it to us and we will include it on your tax return.

[To save to your computer, right-click and choose "Save As."]

 Cornerstone CPA Services  /  6420 W 95th St, Suite 202  /  Overland Park, KS 66212  /  (913) 381-8350 ph  /  (913) 381-7589 fx