C or S Corp. Tele. excise tax credit

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • Bird Legs
    Senior Member
    • Jun 2005
    • 990

    #1

    C or S Corp. Tele. excise tax credit

    Corp. files tax return deduicting the cost of the telephone bill. Corp. also takes credit
    for the excise tax on the corp. tax return.
    Does this credit have to be reported as income since the tax was deducted as an expense and a credit against the tax?
    Any response, thoght, will be appreciated. This has not been a good day.
  • Lion
    Senior Member
    • Jun 2005
    • 4699

    #2
    Yes

    Yes, will be income to a business that deducts the credit. One more thing to remember to ask our clients or have to look up for them! And, then there will be those that ask why they didn't take the credit last year and can we amend right now?! Most of my businesses didn't want to take the time to calculate their credit nor pay me to do so.
    Last edited by Lion; 06-12-2007, 03:14 PM. Reason: Getting ticked off about the stupid credit.

    Comment

    • Bird Legs
      Senior Member
      • Jun 2005
      • 990

      #3
      Lion, thank you

      for the response. It is greatly appreciated.

      Comment

      • OldJack
        Banned
        • Dec 2005
        • 1689

        #4
        Like Lion says.. I didn't tell my corporate clients that there was even a credit available as its not worth my time to deal with it on a corporation return.

        Comment

        • Bird Legs
          Senior Member
          • Jun 2005
          • 990

          #5
          Old Jack, again I

          appreciate your response very much.

          Comment

          Working...