3 Steps To Apply For a Quick Tax Refund on Overpayment
Hope you had an easy and smooth time with filing your tax return extension on October 15. Now that you have finished the extended corporate tax return and finalized the amount that your company needs to pay, what do you need to do if you overly paid tax earlier in April this year?
No worries, the IRS has a quick refund process to help you get your overpayment back, by using the corporate application Form 4466.
1 . When to file:
Quick Refund Form 4466 must be filed before the corporation files its tax return, after the end of the corporation’s tax year. For example, you could apply for refund of tax overpayment after the end of your tax year such as December 31, and before the tax filing deadline which is April 15.
NOTE. If you filed an extension to file your tax return in a later month, this extension will not extend the time for filing Form 4466.
2 . How and where to file:
Mail the application Form 4466 for tax overpayment to Ogden, UT. The default method to file is by mailing it back.
3 . Who qualifies to file:
If your company overpaid its estimated tax for tax year you may eligible to apply for a quick refund of the overpayment by using Form 4466. The full name of Form 4466 is Corporation Application for Quick Refund of Overpayment of Estimated Tax. Your company can apply for a quick refund if the overpayment meets BOTH of the following criteria:
At least 10% of the expected tax liability
At least $500
So, if your tax overpayment is less than $500, you are not qualified to use Form 4466 if your total tax payment is less than $5,000, you are not qualified to use Form 4466.
4 . How long it takes to get your overpayment back:
The IRS will notify you about the process within 45 days from the date you filed the form 4466. It is a simple and quick process.
Before you start the celebration of finishing tax filing and getting your tax overpayment back, remember that it is also the time that you want to start cleaning up your accounting books for the current year. Make sure that your monthly accounting is clean and complete, so you will have a much easier time when you file the next tax return!
