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Line 56: If penalty and interest are owed for not filing

• Michigan Historic Preservation Tax Credit (Form 3581)

estimated returns or for underestimating tax, complete

• MBT Single Business Tax (SBT) Credit Carryforwards

the MBT Penalty and Interest Computation for Underpaid

(Form 4569)

Estimated Tax (Form 4582) to compute penalty and interest

• MBT Penalty and Interest Computation for Underpaid

due. If a taxpayer chooses not to file Form 4582, Treasury will

Estimated Tax (Form 4582)

compute penalty and interest and bill for payment. (Form 4582

• MBT Election of Refund or Carryforward Credits

is available on the Web at )

(Form 4584)

Line 57: Enter the annual return penalty rate in line 57a. Add

• MBT Schedule of Recapture of Certain Business Tax Credits

the overdue tax penalty in line 57b to the overdue tax interest

and Deductions (Form 4587)

in line 57c. Enter total in line 57d.

• MBT Renaissance Zone Credit Schedule (Form 4595)

Refer to the “Computing Penalty and Interest” section in Form 4592

• MBT Miscellaneous Credits for Insurance Companies

to determine the annual return penalty rate and use the following

(Form 4596)

Overdue Tax Penalty and Overdue Tax Interest worksheets.

• MBT Schedule of Flow-through Withholding (Form 4966)

WORKSHEET – OVERDUE TAX PENALTY

• Proof of payment for any items listed in the “Michigan”

A. Tax due from Form 4588, line 55 ........

column for lines 39 through 42.

B. Late/extension or insufficient

payment penalty percentage ................

C. Multiply line A by line B .....................

Carry amount from line C to Form 4588, line 57b.

WORKSHEET – OVERDUE TAX INTEREST

A. Tax due from Form 4588, line 55 ........

B. Applicable daily interest percentage ..

C. Number of days return was past due ...

D. Multiply line B by line C ....................

E. Multiply line A by line D ....................

Carry amount from line E to Form 4588, line 57c.

Line 57c: NOTE: If the late period spans more than one

interest rate period, divide the late period into the number of

days in each of the interest rate periods identified under the

“Computing Penalty and Interest” section in Form 4592 and

apply the calculations in the Overdue Tax Interest worksheet

separately to each portion of the late period. Combine these

interest subtotals and carry the total to Form 4588, line 57c.

Line 59: If the amount of the overpayment, less any penalty

and interest due on lines 56 and 57d, is less than zero, enter the

difference (as a positive number) on line 58. If the amount is

greater than zero, enter on line 59.

NOTE: If an overpayment exists, a taxpayer must elect a

refund of all or a portion of the amount and/or designate all or

a portion of the overpayment to be used as an estimate for the

next MBT tax year. Complete lines 60 and 61 as applicable.

Line 60: If the taxpayer anticipates an MBT liability in the

filing period subsequent to this return, some or all of any

overpayment from line 59 may be credited forward to the next

tax year as an estimated payment. Enter the desired amount to

use as an estimate for the next MBT tax year.

Reminder: Taxpayers must sign and date returns. Tax

preparers must provide a Preparer Taxpayer Identification

Number (PTIN), FEIN or Social Security number (SSN), a

business name, and a business address and phone number.

Other Supporting Forms and Schedules

The following forms and their requested attachments should be

included as part of this return, as applicable:

Form 4588 - Insurance Company Annual Return For Michigan Business And Retaliatory Taxes - 2013 Page 5

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