Still time to get money back,
Telephone Excise Tax Refund (TETR) not claimed by most eligible companies
During a recession, it is advisable to review the old business plan, streamline expenses and take a second look at your business’s biggest liability: TAXES.
As many as 15.9 million businesses could be eligible to claim refunds under the TETR program. The government has earmarked $11 billion for it but only 5.6% of eligible businesses have requested a refund. To help determine why so few businesses filed for TETR, the Treasury Department surveyed business tax return professionals. The survey revealed 35% of the preparers surveyed stated that their clients did not qualify for the TETR. 44% believed the amount of work and associated fees to compute the refund was not worth the refund. 20% either forgot to claim TETR for their clients or were unaware of the refund program.
TETRs could recoup much needed funds for companies feeling the pinch of the current economy. The deadline for the TETR program is April 15, 2010. Claims may be based on a formula or by performing a telephone bill audit. Some professional telecommunications auditing companies offer free audits, charging a percentage of refunds. Ask potential auditing firms, does your company:
offer local or long distance services? Steer clear unless you’re interested in changing carriers.
have expertise in auditing telecom bills specifically?
charge a fee for the audit if there is no refund due?
have ability to perform the audit and submit a report in time to meet the April deadline?
have references from telecom audit clients?
Knowledge is power as long as you do something with it.
Contact us to learn how to claim your excise credit.