Tuesday, June 27, 2006

Telephone Tax Refund...

George Saenz over @ Bankrate.com explains the results of a lawsuit that was brought against the IRS by several large corporations over the invalidation of a 3 percent excise tax on all long distance services. The tax was originally enacted in 1898 to fund the Spanish-American war. Turns out the IRS lost the suite, and now the Treasury will be refunding about 13 billion dollars to the tax payers, starting from February of 2003. This won't start until 2007. The IRS will add a line onto the 2006 tax forms for businesses and individuals to allow a request for the refund. They expect Individuals will get a set amount without having to document any of the charges made. According to an IRS notice, they are still working on the set amount. The tax on local phone service won't be affected by this decision, but it looks like some folks from the senate finance committee are calling for it's repeal. The IRS has advised the phone companies to stop collecting the long distance tax after July 31st, 2006. I can't imagine what the amount of the refund would be on a tax of any long distance service from Feb. 2003 until August 2006 would be, but it's your money..so don't forget it...

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