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Since June 15, lenders across the country have provided millions of dollars in capital to small businesses through the America’s Recovery Capital (ARC) loan program. Created under the Recovery Act, the temporary ARC program offers interest-free loans to viable small businesses, which carry a 100 percent guaranty from the SBA to the lender and require no fees paid to SBA. Loan proceeds are provided over a six-month period and repayment of the ARC loan principal is deferred for 12 months after the last disbursement of the proceeds. Repayment can extend up to five years.
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.
This post is outside my norm for this blog, but I liked this article so much, I thought I would post it here as well as at my The Business Perspective Blog.
The article is about Keeping Psychopaths out of Your Accounting Firm by Michell Langbert.
This article has an interesting take on ethical lapses that I thought was compelling. In his article, Langbert talks about how the characteristics of a psychopath in the workplace can be mistaken for desirable traits.
He states: “..psychopathic charm and charisma can often be mistaken for leadership; psychopathic talk of imaginary goals can be mistaken for visionary leadership; and psychopathic lack of emotion can be mistaken for being in control.”
It occurs to me that this psychopathic personality may explain some of the behavior at AIG and other bailed out firms.
There is no doubt that Mr. Langbert’s article is a gripping and thought provoking read.
If you have qualified real property business indebtedness that is cancelled, you can elect to exclude this from income. However, the debt must meet the following criteria:
1) It must be incurred or assumed in connection with real property used in a trade or business.
2) It must be secured by such real property.
3) It must be incurred or assumed at either of the following times:
a. Before 1993
b. After 1992, if the debt is either (i) qualified acquisition indebtedness (defined below), or (ii) debt incurred to refinance qualified real property business debt incurred or assumed before 1993 ( but only to the extend the amount of such debt does not exceed the amount of debt being refinanced.)
4) It must be debt to which you elect to apply these rules
Qualified principal Residence indebtedness
What’s new for 2008
The qualified principle residence indebtedness exclusion has been extended. The extension includes debts discharged after 2006 and before 2013.