|
On May 25th, 2006 The U.S. Treasury Department announced it is conceding the legal dispute over the federal excise tax on long-distance telephone service.
IRS Notice 2006-50 dated May 25, 2006 advises that a tax credit can be taken on your company’s 2006 Corporate Income Tax Return for all Federal Excise Tax paid from March 1, 2003 through July 31, 2006.
This is an unprecedented situation, yet the process is by no means simple and straightforward and we only have a limited time to take advantage of this opportunity. Once the filing date has passed, the opportunity is gone for good! With over 10 years focus on the auditing of telecom bills, ComAudit is uniquely qualified to assess and support the completeness of the final FET total to be claimed. ComAudit also deals with all the carriers on a regular basis and can expedite the process.
In order to yield the greatest refund and ensure withstanding any IRS scrutiny, ComAudit completes the following tasks for their clients:
The ComAudit FET Audit Process
| Gather all invoices from your voice, cell phone, and conference billing from the past 41 months. This would be in all formats such as Paper, CD or available on-line billing. If records are not available an attempt will be made to generate from the carriers. |
| Analyze all the above invoices to extract the exempt from the non-exempt FET charges (local, ancillary, and unbundled wireless charges are not exempt.) |
| Schedule FET totals on spreadsheets. |
| Develop and document the methodology for estimates where records are missing or inadequate. Incomplete or unavailable records are common. The taxpayer may provide a good faith estimate in the refund claim, however, all estimates must be supportable and the methodology used documented for review by the IRS. |
| Perform and document the IRS interest calculations. IRS Notice 2006-50 states that the taxpayer will have to calculate the interest using IRS historical interest rates and add this interest to the claim total requested on the 2006 Federal Income Tax return. |
| Assist or respond to any subsequent IRS request for substantiation. |
To answer your questions and explore how ComAudit Services can assist you in obtaining your refund, Call 1.888.588.9878 or contact us online to setup an appointment today!
|
