Daily Tax Update - February 23, 2007

10 MILLION TAXPAYERS HAVE FAILED TO REQUEST TELEPHONE TAX REFUNDS: Today, the IRS urged taxpayers to check to see if they qualify for the telephone excise tax refund after more than 10 million early filers did not request the one-time refund. The IRS said that about 30 percent of all taxpayers so far have not requested the telephone tax refund.

  • To make the refund easier to figure, the IRS has established a standard refund amount, based on personal exemptions, ranging from $30 to $60. If taxpayers have phone bills and other records, they can request the actual amount of excise tax paid.
  • IRS Commissioner Mark Everson said, "Many taxpayers are overlooking this special refund and the chance to get a bigger refund. We encourage taxpayers to spend a few extra minutes reviewing their tax return to make sure they are making an accurate request. A little extra time can mean a bigger refund check." Everson added, "We are surprised how many tax preparers are overlooking the telephone tax refund. We want all taxpayers entitled to this refund to get it, whether they are using a tax preparer or doing the return themselves."
  • Additional information can be accessed via: http://www.irs.gov/newsroom/article/0,,id=164032,00.html

As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein.

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