(1) Where there has been an overpayment of tax under KRS 141.310 or 141.315, refund or credit shall be made to the employer only to the extent that the amount of such overpayment was not deducted and withheld under KRS 141.310 or 141.315 by the employer.
(2) Unless written application for refund or credit is received by the department from the employer within four (4) years from the date the overpayment was made, no refund or credit shall be allowed.