Did your company overpay estimated taxes in 2015 because of lower-than-expected holiday sales or other fluctuations in income? Don’t wait until the filing date for 2015 returns—March 15, 2016, for calendar-year corporations—to recover the excess.
Strategy: Request a fast refund from the IRS. All you have to do is file Form 4466, Corporation Application for Quick Refund of Estimated Tax.
The IRS says your company will receive its refund within 45 days of filing the Form 4466 request, but it usually comes even faster. There are only two requirements:
1. The overpayment must be at least 10% of the estimated 2015 tax liability.
2. The overpayment must be at least $500.
Tip: You have until March 15, 2016, to make this election. But don’t give Uncle Sam extra time to use the money. Act as soon as you can.