A corporation that has an overpayment of its estimated tax for the year can file Form 4466 (Corporation Application for Quick Refund of Overpayment of Estimated Income Tax) to get a quick refund from the IRS. For purposes of a quick refund, an overpayment equals the excess of the corporation’s estimated tax payments over its expected final tax liability for the year.
Form 4466 must be filed in paper form after the close of the tax year. The form must also be filed on or before the earlier of the non-extended due date of the corporation’s tax return or the date the corporation actually files its return. Once the form is filed with the IRS, they must process the form within 45 days of receiving it. During the time they process the request, they may examine the form to determine the amount of the adjustment.
It is important to understand that Form 4466 is not treated as a claim for refund. This means the taxpayer cannot file a refund suit in District Court or the Court of Federal Claims if the IRS disallows the refund request. The taxpayer will be required to file a regular claim for refund and then file a suit in court.