      |
       |
   
FOR IMMEDIATE RELEASE
|
|
FEDERAL EXCISE TAX DECISION PROVIDES BUSINESSES REFUND American Business Communication working with businesses now to gain tax refund advantage Minneapolis – July 25, 2006 - American Business Communication Inc. (ABC), a national provider of managed telecommunications services, announced today it has begun working with businesses to take advantage of the recently announced repeal of the Federal Excise Tax which levied a 3 percent luxury tax on phone services. ABC is helping businesses meet the refund guidelines that have been outlined by the Treasury Department and Internal Revenue Service that require back taxes be calculated before refunds are requested. The repeal of the 108-year-old federal excise tax is estimated to return consumers and businesses about $15 billion in refunds based on next year’s tax returns. While consumers will have a special form made available to them by the IRS, businesses are required to complete a separate process. Some businesses had challenged the tax with lawsuits and won. The court victories were instrumental in the Treasury Department’s decision to eliminate the tax beginning July 31, when consumers will no longer be charged the tax on long-distance calls and bundled services. “American Business Communication is working with our clients to support their full refunds, which can easily amount to hundreds of thousands of dollars for many businesses,” said ABC Chief Executive Officer Nita Singh. “Our advocacy role, combined with our expertise in telecom billing, streamlines a refund process that can be complex. We know how to identify and gather all the documentation required for this FET refund. For a business to do this process on its own requires extensive time and effort, including the potential of reviewing more than three years of billing records with multiple service providers”. About American Business Communication Inc. |
|