Discussion:What do you all think about this long distance refund?
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> What do you all think about this long distance refund?
Www.cpa1.biz (talk|edits) said: | 8 November 2006 |
| Almanacers,
Did you all hear about this one time only refund on long distances taxes applied with your phone bill? The IRS says it will pay a flat fee to anyone no questions asked ranging from $30 to $60 depending on their exemptions. If the customer wants to actually itemized the taxes paid each month dating from Feb 03 to Aug 06, then they can do that too. Here is the big question: Are you all even going to bother and tell your clients about this or just give them the standard rate refund? Thanks, BJ | |
| November 8, 2006 | |
| See Government to Stop Collecting Long-Distance Telephone Tax. | |
Death&Taxes (talk|edits) said: | 8 November 2006 |
| It's in my upcoming letter to go out later this month under the heading "Refunds for All.' | |
Www.cpa1.biz (talk|edits) said: | 8 November 2006 |
| Nice title :)....
Thanks..... Death... | |
Bottom Line (talk|edits) said: | 9 November 2006 |
| If the client reads about it and wants to do the research and arithmetic, fine. I plan on just taking the standard rate. (Same approach I have with sales tax deduction.) | |
| 9 November 2006 | |
| I agree, if they want to do the math fine, it would cost more than the refund for me to look through phone bills. The standard rate probably is the better way to go. | |
Death&Taxes (talk|edits) said: | 9 November 2006 |
| I am specifically stating which tax it is that is being refunded, for I am sure I will have some people give me a number that includes everything but the kitchen sink. What I don't understand is the logic of the tables: number of family members. Should it not be number of lines. When I lived in NY, I had five lines [5 separate numbers] coming into the house; of course, one was fax and two others were business, but even with two personal lines there were only two of us and two pets living there. | |
| 10 November 2006 | |
| <<Are you all even going to bother and tell your clients about this or just give them the standard rate refund? --Www.cpa1.biz >> ?!!
If you are bound by your responsibility as a tax practitioner to your client, you would fully inform them of their options. It would be the client's obligation to calculate the federal excise tax, unless you wanted to charge them for the time. | |
| 12 November 2006 | |
| It will be a question on my tax organizer. They all read it......right. | |
