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Irs Owes You Money If You Paid Long Distance Phone Taxes
By Richard A. Chapo
The IRS has decided to give up the fight on an ongoing legal issue regarding taxes it has collected on long distance telephone services. Here is the scoop.
The IRS Owes You Money If You Have Paid Long Distance Phone Taxes
Every one of us pays for some form of long distance telephone service. The more you use the service, the more you start hunting for better rates. Whatever choice you make, however, you are always stuck paying a federal tax on the bill. For those of you with large long distance phone bills, this tax can add up quickly given the fact it is calculated at three percent of your total bill.
The tax in question is known as the federal excise tax on long distance telephone service. It was created in 1898. Yes, this tax arose well over one hundred years ago. As you might image, a few people started to wonder how a tax established in 1898 could possibly apply today, particularly given the advancement of telephone technologies. Turns out it doesn’t apply!
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<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Wi-Fi around Chicago..</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><FONT size=2>The Daley Center between Clark and Dearborn is now (as of September 2003) a wi-fi hot zone. I have not personally connected there, but the word is </FONT><FONT size=2>that the signal around Daley Plaza and Block 37 is strong. Click <A href="http://www.xchicago.com/main/article.php?articleID=413">here</A> for more information. </FONT></FONT></P>
<P><FONT size=2>If you are outside of downtown Chicago,the UPS stores (formerly Mailbox Etc.) will have wi-fi access (for a fee) in mid-September as will many McDonalds (for a fee). <A href="http://www.computerworld.com/mobiletopics/mobile/story/0,10801,80914,00.html">UPS story</A></FONT></P>
<P><FONT size=2></FONT> </P>
Given a chance to review the situation, five appellate courts have ruled the tax invalid. After contemplating the situation, the IRS has decided not to challenge the legal rulings. Instead, it has voluntarily agreed to issue credits or refunds for the excise taxes paid the past three years. Specifically, you will be able to claim a refund of all taxes paid from February 28, 2003 till the date the IRS stopped collecting them. To collect the refunds, the IRS will create a new box on all 1040 filing forms for the 2006 tax year. In practical terms, this means you will be able to check a box and get a refund when you prepare your 2006 tax return in 2007. The IRS will pay interest on these funds. It should be noted the refund is applicable only to the long distance excise tax. You still must pay local service taxes and the refund does not apply to taxes collected by states and such. Still, any refund is a good refund in my opinion. Article Source: http://www.ArticleJoe.com Richard A. Chapo is with BusinessTaxRecovery.com - providing information on taxes. Visit us to get more tax help.
Here are some more estate planning articles...
Taxes The Texan Way
By Mark Peoples
There is an adage that claims that the only things certain in life are taxes and deaths. One could presume that tax laws are as easily determined and understood as one identifies death. When a person Read more...
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Moved Since Filing Last Years Taxes?
By Richard A. Chapo
We are a migratory society. When we move, each of us goes about the joyous task of trying to get our mail forwarded to our new address. Ah, but what about your taxes?Moving is more or less Read more...
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Do Income Taxes Threaten Your Well Being?
By frank
Information about Income Tax and what to do if you have problems. Read more...
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What's So Special About Tax Returns?
By Robert Shaw
Tax returns are documents all taxpayers must file by April of each year. These documents contain your income information from the previous year. Each year, you must file your tax returns with the IRS Read more...
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U.S. probing Golden West lending, sale: prosecutor
(Reuters)
<p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20081120/bs_nm/us_wachovia_probe"><img src="http://d.yimg.com/us.yimg.com/p/nm/20081120/2008_11_20t002725_450x300_us_wachovia_probe.jpg?x=130&y=86&q=85&sig=QbK9mHPC9H_U2E5R2_mmFw--" align="left" height="86" width="130" alt="Pedestrians walk outside Wachovia corporate headquarters in Charlotte, North Carolina, October 22, 2008. (Chris Keane/Reuters)" border="0" /></a>Reuters - The government is investigating if homeowners were misled by California bank and mortgage issuer Golden West Financial, which was acquired by Wachovia Corp -- another possible victim.</p><br clear="all"/>MetLife says commercial mortgage portfolio safe
(Reuters)
Reuters - U.S. life insurer MetLife Inc disclosed information about its commercial mortgage portfolio on Wednesday in an effort to soothe investors that have become increasingly skittish about investments by insurers in commercial property debt.
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The process of planning for the orderly administration and disposition of assets after the owner dies.
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