Interest on Phone Excise Tax Refund
For C-Corporations
Form 8913 instructions gives you some guidelines, but the instructions uses the individual overpayment interest rate is 1% point higher than the regular C-Corp overpayment rate. The interest rate is for a C-Corporation overpayment interest rate is even lower if the overpayment exceeds $10,000.
You will be making 14 interest computations for each refund. That sounds like a lot, but with the IRS/State Interest & Penalty Calculator, each computation can be made in less than one minute! Steps, using the IRS/State Interest & Penalty Calculator to make an interest computation:
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Start the program, and use menu choice File - New to start a new scenario.
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Complete the Initial Input screen, see the example, below -
Please refer to our Interest Stop Date document for picking the "End Calculation" date.
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If the refund exceeds $10,000, select the large refund interest rate. Use menu choice Options - Interest Rates. Complete the input as follow:
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Print the reports that you want. We suggest the Summary and Detail reports.
How to get the IRS/State Interest & Penalty Calculator. It can downloaded and/or shipped to you:
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Order Now! Special discounted price for orders before 7/12/2008 $129. Regular Price $149. |
If you would like us to make these interest computations for you, call us at 1-800-326-6686.
Very Simple for Individuals
Page 4 of the Form 8913 instructions describes how to compute interest for individuals, partnerships, trusts and S-Corps. The instructions also include the interest rate factors. These factors are incorrect for C-Corporations.
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