On June 19th, 2006 the Commissioner of the Internal Revenue Service agreed to credit or refund the amounts paid for nontaxable telephone service.  The IRS conceded that telephone communications for which a toll charge varies only with elapsed time, and not distance, is not subject to the telephone excise tax under Code Sec. 4242(b)(1).  Accordingly, refunds or credits are available for amounts paid for long distance service that was billed to taxpayers for a 41-month period, i.e., after Feb. 28, 2003, and before Aug. 1, 2006.

As an Individual tax payer; your first estimated tax payment is usually due the 15th of April. You may pay the entire year's estimated tax at that time, or you may pay your estimated tax in four payments. The four payments are due April 15th, June 15th, September 15, and January 15th of the following year.

If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that is not a Saturday, Sunday, or legal holiday.

Recommendations and Emerging Tax Issues for the Not-for-Profit Organization

An employer can provide an employee with a vehicle to use for business and personal use.  In most cases, the value of the personal use must be reported as income on the employee’s W-2.  There are different valuation rules to determine the fair market value of this fringe benefit.