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Government Concludes IRS owes 94% of Businesses Telecommunication Tax Refunds

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Abstract:: According to a Treasury Inspector General Report issued on April 24th, 2008, the telephone excise tax refund was the most wide-reaching tax refund in the history of the IRS, estimated to affect 13.9 and 15.9 million business taxpayers.

Despite the enormity of the refund program and substantial outreach efforts by the IRS, the Report indicates that only 5.6% of eligible businesses participated and only 17.5% of the $5 billion in potential refunds were claimed by businesses. Put another way, of the $5 billion collected over $4 billion is still owed to businesses and 94% of businesses are still eligible for refunds.

DETAILS: Sponsored by: Telecom Tax Recovery, LLC; Posted: May 28, 2008; Length: 3 pages; Format: PDF (95 kb); Email this abstract; These white papers are not created by the CFO.com editorial staff. In order to view these papers, you must register with CFO.com and agree to share your contact information with related product/service companies.

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