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This could mean 5, 6 or 7 figures in refunds
for your company, plus up to 7% interest on the amount due. Are
you eligible? Are you ready to file?
Contact ISI to find out if you are eligible.
We will not only estimate your refund, but also help prepare the
necessary documentation to substantiate your claim. You
must act fast! In order to meet the IRS filing deadline, we have
to start your project by March 1st. We can also estimate your refund
so that your firm can file for an extension.
The Federal Excise Tax (FET) on Long Distance
and Wireless communications services was repealed by the U.S. Congress
earlier this year. Congress has authorized the Internal Revenue
Service to refund FET going back to March 1, 2003. (FET
Overpayment Summary)
Who is affected?
U.S. corporations are entitled to a refund
of all eligible services from March 1, 2003 through July 31, 2006.
In order to receive your refund, you must provide documentation
that you were billed for, and paid, the tax during the refund period.
You have one chance to file your refund. Claims
for the FET refund, along with all supporting documentation, must
be filed with your corporate 2006 tax returns in order to be eligible
- or an extension must be filed.
How can ISI help?
In order to claim your FET refund, you must
audit all of your telecom bills for the past three-and-a-half years
and identify this specific tax, when it was paid and what the exact
amount of your refund should be. You will need to separate the portion
of your FET that applies to long distance and wireless calls from
other services that are not covered by the refund. Needless to say,
that is a very cumbersome task for most companies. ISI can
help! We have created an FET Task Force with experienced
telecom consultants trained to identify the FET to ensure you receive
the maximum refund. ISI will collect and analyze all of your telecom
invoices for the affected period, identify your FET refund and prepare
the documentation you need to file your claim.
ISI can help you get
the maximum refund.
To get started, all we need is your current month's telecom bills.
No risk to your company.
ISI's fees are contingent on any FET refund we find so,
there's no risk to you. Simply send us your current month's long
distance and wireless bills and our analysts will quickly estimate
what your FET refund should be. We will also develop a plan for
collecting and preparing the documentation you need to substantiate
your claim.
To find out more, please read
the FET Overpayment Summary below.
In 1898, Congress issued a tax that was used
to finance the Spanish American War. This tax stayed with us through
the Viet Nam war. In 1965, the tax was supposed to be phased out
within 3 years. It was however changed to match up with AT&T's
banded service where the tax was charged on any service that was
distance and time sensitive.
With the changing way that services were billed
and the elimination of Banded WATS service, the charges became only
time sensitive and not distance sensitive. After 5 or 6 major cases
being brought into courts and prevailing through the appeal process,
a white flag was thrown up and the recent decision by the Federal
Government to allow credits through the IRS on 2006 tax returns
was released with the following details:
- Organizations have a one-time only filing opportunity on their
2006 income tax return
- The burden of proof is on the organization
- Taxes must be documented that they were billed and paid
- The refund will go back to 3/1/03
- Refunds only apply to long distance and wireless – local
services will still be charged
- Carriers may continue to bill for FET through 7/31/06. (Did
your carrier incorrectly bill you additional FET? ISI will find
out!)
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Estimate Your FET Refund
Here
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