Want A Quick Refund of Overpaid Estimated Tax?


By Stacie Clifford Kitts, CPA

Have you over paid your corporate income tax in the form of estimated tax payments and now you need or heck – just want your money back?

Well Form 4466 Corporation Application for Quick Refund of Overpayment of Estimated Tax will help you do just that.

If you determine that you have a refund due that is at least $500 and at least 10% of the Corporations expected tax liability then here’s what you do:

Just after your year-end, file Form 4466, but not later than two and a half [2 and 1/2] months after your year end and before you file the corporate return.

The purpose of the Form is to adjust your overpayment of estimated taxes. Therefore, amounts returned are not considered income tax refunds.

The IRS claims that they will “act on” the request within 45 days from the date it was filed.

Don’t forget to also attached a copy of the completed Form4466 to your corporate tax return Form 1120.

About these ads

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 756 other followers

%d bloggers like this: