IRS Quantifies Refund Amounts
Well, here's the smoking gun. The IRS announced late last week that the individual opt-out amount for FET refunds will be $30-60 (which includes interest). This is about what we figured.
Business taxpayers, however, are still in the dark. Although the IRS "is considering" an estimation method for businesses, nothing has been decided. (Note our sources tell us the IRS will calculate the interest due for businesses based on refund amounts.)
So what is your business supposed to do to claim its FET refund? Blog us here or contact us with questions and comments.
posted by Mark Horner @ 9:41 AM
7 comments
7 Comments:
It's amazing how the IRS can steal from the citizens. If a person did this, they'd be prosecuted.
I'd tend to think so, too. Thanks for your comments.
--Mark Horner, VP Marketing, UAC
Just where is the information of the deadline for the Federal Excise Tax. I have not be able to find and need prove for my employer.
What sort of deadline were you looking for? Businesses will claim an FET refund on their 2006 tax returns, to be filed next year. Please clarify what you mean.
I am doing the research for my company and deadline read in your article was Ocotber 30th or 15th. Is this a dealine for fileing yor refund of just a dealine to recieve information about them. do you think that the gorvernment will make a guideline for small to medium companies?
The October 15th deadline only applies to non-profit organizations. That's the date they have to file by in order receive a full three-year refund.
For-profit businesses, as noted, will claim a refund on their 2006 tax returns.
In regard to your second question, the IRS is currently discussing an "opt-out" amount for businesses (regardless of size), like the one they came up with for individuals. However, I personally think it will be nearly impossible to do. So stay tuned...
Thanks for your comments.
MH
We are a foreign-based company and do not file a US Tax return. Can we still get an FET refund?
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