Tax News

CCH (cch.taxgroup.com) reports:

The IRS reminds eligible telephone customers that they can still request the one-time excise tax refund on their 2006 income tax returns. This includes those who have not yet filed and those who obtained a tax-filing extension earlier this year. Form 1040EZ-T may be used to request a refund by taxpayers who do not otherwise need to file an income tax return. Individuals with low-income and many senior citizens may qualify to use this special form.
The IRS gave the following tips to help taxpayers figure the refund amount and to obtain it quickly: (1) consider using the standard refund amount; (2) figure the refund using the actual amount tax shown on phone bills and other records if the taxpayer paid more than the standard amount; (3) taxpayers who are not sure whether they paid the tax should check the portion of their telephone bill that relates to long-distance or bundled service; (4) taxpayers should not file duplicate requests; (5) taxpayers who already filed their return but failed to request the telephone tax refund can file an amend return; (6) file electronically and (7) taxpayers should stay away from tax preparers who falsely claim that telephone customers can claim hundreds of dollars or more back under this program.
IR-2007-144, 2007FED ¶46,593
IR-2007-144, ETR ¶66,835
Other References:
Code Sec. 164
CCH Reference - 2007FED ¶9502.355
Code Sec. 4251
CCH Reference - ETR ¶18,135.04
CCH Reference - ETR ¶18,135.68
Code Sec. 4252
CCH Reference - ETR ¶18,375.03
CCH Reference - ETR ¶18,375.25
Tax Research Consultant
CCH Reference - TRC EXCISE: 9,056