A Ringing in Your Ears-Telephone Tax Refunds and Businesses

The IRS has released a simplified method that businesses can elect to use to compute the amount of their refund for the federal long distance excise tax that the IRS finally agreed the law did not allow them to collect.  The simplified method is elective, and uses April and September 2006 phone invoices to compute a percentage that is applied to all telephone expense throughout the relevant period.Materials, including the IRS notice and questions and answers, can be downloaded at http://edzollars.com/2006-11-18_Telephone_Tax_Refund.pdf .The podcast was recorded this week at the Founders Inn in Virginia Beach, Virginia where I spoke at the Virginia Accounting and Auditing Conference.The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices.com .