If your C corporation overpaid its estimated tax in 2020 due to the pandemic or some other reason, you may be in line for some quick tax relief.
When you file Form 4466 with the IRS, you will receive a faster-than-usual refund. It may arrive within a matter of weeks. The fast corporate refund is available if—
- The overpayment is at least 10% of the estimated 2020 tax liability.
- The overpayment is at least $500.
The sooner you file for the refund, the better. Contact your JMF professional tax advisor for more details.