Form 4918 - Michigan Annual Flow-Through Withholding Reconciliation Return - 2014 Page 10
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1115B by line 14B. The sum of all of the amounts entered on line
NOTE: If the late period spans more than one interest rate
29E may be equal or greater (when line 26 is greater than zero)
period, divide the late period into the number of days in each
of the interest rate periods identified in the “Computing Penalty
than the amount entered on this line.
and Interest” section in Form 4890, and apply the calculations
Line 18: Enter the total FTW paid with the FTW Quarterly
in the “Overdue Withholding Interest” worksheet separately
Tax Return (Form 4917) or the amount paid through Electronic
to each portion of the late period. Combine these interest
Funds Transfer. Include all payments made that apply to the
subtotals and carry the total to line 23.
tax year included in this return. For example, consider an FTE
partnership with a June 30 year end and a taxpayer that has a
Line 25: If the amount of tax overpayment is less than zero,
March 31 year end and is an owner of the FTE. The FTE will
enter the difference as a positive number on line 24. This
means the filer does not have an overpayment but owes more
make quarterly FTW payments in April 2014 (for its quarter
ending March 31) and July 2014 (for its quarter ending June
withholding. If the amount of tax overpayment is positive, that
30), and will file an annual FTW reconciliation return (Form
amount may either be refunded to the flow-through entity or
distributed to the members of the flow-through entity, at the
4918) for its year ending June 30, 2014. Because the FTE’s tax
year ends within the taxpayer’s 2014-15 fiscal year, all the FTW
filer’s election. The overpayment may not be carried forward to
the flow-through entity’s next tax period.
payments for that taxpayer are attributable to the taxpayer’s
2014-15 fiscal year, regardless of the dates of the quarterly
Line 26: Enter amount of overpayment from line 25 to be
payments. Any flow-through entity that has withheld on behalf
distributed to the members of the flow-through entity. Note that
of the taxpayer should have provided the taxpayer with the
overpayment amounts to be distributed to members must be
amount for its records.
accounted for in Parts 3 and 4.
Line 19: If the flow-through entity filing this return is an
Line 27: Enter amount to be refunded to the flow-through
intermediate member of a source flow-through entity and has
entity filing this form.
been withheld on by a source flow-through entity, enter on
this line amounts that have been withheld on this flow-through
Reminder: The flow-through entity must sign and date returns.
entity by its source flow-through entity. The sum of all of the
Preparers must provide a Preparer Taxpayer Identification
amounts entered in Part 5, line 30C, may not be greater than
Number (PTIN), FEIN or Social Security number (SSN), as
the amount entered on this line.
well as a business name, business address and phone number.
Line 21: If the amount entered on Line 20 is less than the
PART 3: FlOW-THROuGH WITHHOlDING
amount entered on Line 17, enter the difference on this line. If
FOR C CORPORATIONS
the amount on Line 20 is greater than the amount entered on
NOTE: A Form 4918 that is missing both Part 3 and Part 4 is
Line 17, leave this line blank and continue to line 22.
incomplete and unprocessable, and will be rejected. Include
Line 22: Enter the overdue withholding penalty. Use the
one, or the other, or both, as dictated by the nature of the
following “Overdue Withholding Penalty” worksheet. Refer
members.
to the “Computing Penalty and Interest” section in the Flow-
Through Withholding Reconciliation Return booklet general
Line 28A: Enter the name, FEIN, address, and tax year end
of each C Corporation or intermediate flow-through entity
instructions to determine the appropriate penalty percentage.
that the flow-through entity has withheld on during the
filing period listed on this return. Also enter on this line the
WORKSHEET – OvERDuE WITHHOlDING PENAlTy
distributive share of tentative business income allocated to
A. Withholding due from
the C Corporation or intermediate flow-through entity, before
00
Form 4918, line 21 ...................................
allocation and apportionment, during the filing period listed on
B. Late or insufficient payment
%
this return. The total amount of distributive business income
penalty percentage ...................................
00
entered in this column A must be equal to (or greater than, if
C. Multiply line A by line B .........................
line 26 is greater than zero) the amount entered on line 9A.
Carry amount from line C to Form 4918, line 22.
If the flow-through entity is unitary with a CIT taxpayer, enter
that CIT taxpayer first in this part.
Line 23: Enter the overdue withholding interest. Use the
following “Overdue Withholding Interest” worksheet. Refer
NOTE: If the C Corporation owner’s address is outside the
to the “Computing Penalty and Interest” section in the Flow-
United States, include the name of the country immediately
Through Withholding Reconciliation Return booklet general
after the name of the city, separated by a comma, in the City
instructions to determine the appropriate penalty percentage.
field.
WORKSHEET – OvERDuE WITHHOlDING INTEREST
Line 28B: Enter on this line the amount withheld and reported
to this C Corporation or intermediate flow-through entity. The
A. Withholding due from
00
Form 4918, line 21 ...................................
total amount of withholding entered in this column must be
%
B. Applicable daily interest percentage .......
equal or greater than the amount entered on line 16A.
C. Number of days return was past due .......
%
D. Multiply line B by line C ........................
00
E. Multiply line A by line D .......................
Carry amount from line E to Form 4918, line 23.
20
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