Corp returns - not yet received prior year tax refund of overpayment?

My small C corp is on a 6 month extension till 10/15/2013 for 2012 taxes (fiscal year ends 1/31/2012). On the corp's 2011 1120 form (as well as the NY CT-3) the corp had an overpayment that the corp elected to received as a refund which was deposited in the 2013 tax year.
When I fill out the 2012 1120 (and CT-3) do I need to account for the refund which didn't yet come? Or will this be reflected on the 2013 year tax return?
Thanks. Walter
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For cash basis it'll be income when received. Note though that federal taxes paid are not an expense, nor are refunds of those federal taxes income to the company. They would be properly recorded on the 1120 in Schedule M.
State taxes are generally deductible when paid, and the refunds would then be income in the year received.
NY state may handle both of these differently.
Accrual basis reporting would have booked those as receivables and revenues in the year of the overpayment.
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Paul Thomas, CPA
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No, you're right. I've gotten 1099s from NY State for tax refunds.
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John Levine, snipped-for-privacy@iecc.com, Primary Perpetrator of "The Internet for Dummies",
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These are corporate refunds. There wileno 1099 from the state I don't believe
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