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Yeah – A Bail Out for Small Business From The SBA
From the SBA‘s Website.
About the ARC Loan Program
ARC Loan Eligibility
Applying for an ARC Loan
Learn How SBA Can Help
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.
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.
Stacie's Tax Stuff 