NEVER TOO LATE

The Telephone Excise Tax Refund (TETR) was a one-time payment available for tax year 2006. It was designed to refund excise taxes previously collected on long distance telephone services billed after Feb. 28, 2003, and before Aug. 1, 2006. The excise tax had originated in 1898 as temporary luxury tax to help pay for the Spanish-American War.

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I discussed this refund in my January 2007 post “An Update On the Telephone Excise Tax Refund”.

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Only about 70% of the individuals eligible for a refund claimed one on their 2006 income tax return, or filed a special 1040EZ-T form to request the refund. What is even more surprising is that, according to a report from the Treasury General Inspector for Tax Administration only 5.6 percent of the 12.8 million eligible businesses claimed the refund.

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It is not too late to request this excise tax refund if you are among the 30% who did not do so last year. Individuals have until April 15, 2010, to send in an amended return (if you have already filed your 2006 Form 1040 or 1040A) of to file an original 2006 return if you did not have to do so for any other reason. Corporations have until March 15, 2010.

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Click here to go to an IRS webpage “chock-a-block” with info and links on this refund.

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TTFN