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IRS Announces a Formula for Business, Tax-Exempt Groups to Calculate Telephone Tax Refund

The IRS recently announced a formula that business and tax-exempt organizations can use to estimate their federal telephone excise tax refunds.

By Staff Writer | Updated on December 05, 2006

WASHINGTON — The IRS recently announced a formula that business and tax-exempt organizations can use to estimate their federal telephone excise tax refunds.

“The formula will provide a less burdensome option than gathering up to 41 months of old phone records,” IRS Commissioner Mark W. Everson said. In May 2006, the IRS announced that individuals, businesses and tax-exempt organizations, including credit unions that paid the long-distance telephone excise tax, could request the refund on their 2006 federal income tax returns.

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