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.