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Line 51: Use the following worksheet to calculate Overdue Tax

Lines 28 through 38: In column A, “State of Incorporation,”

enter the payments that would have been payable by a similar

Interest.

Michigan company doing business in the company’s home

state. In column B, “Michigan,” enter actual payments made to

WORKSHEET – OVERDUE TAX INTEREST

Michigan.

A. Tax due from Form 4905, line 48 ........

Line 40: Subtract line 39, column B, from line 39, column A. If

B. Applicable daily interest percentage ..

less than zero, enter zero.

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

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

PAYMENTS, REFUNDABLE CREDITS, AND TAX DUE

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

Line 43: Enter the total tax paid with the quarterly estimated

Carry amount from line E to Form 4905, line 51.

tax returns.

Line 44: Enter the total withholding payments made on your

behalf by Flow-Through Withholding entities. Include all

NOTE: If the late period spans more than one interest rate

withholding payments made on returns that apply to the tax

period, divide the late period into the number of days in each

year included in this return. Included on this line would be

of the interest rate periods identified under the “Computing

Flow-Through Withholding payments made by flow-through

Penalty and Interest” section in Form 4904 and apply the

entities whose tax years ended with or within the tax year

calculations in the Overdue Tax Interest worksheet separately

included in this return. For example, a calendar year filer would

to each portion of the late period. Combine these interest

include Flow-Through Withholding payments made by a flow-

subtotals and carry the total to Form 4905, line 51.

through entity whose tax year ended on or after January 1,

Line 53: If the amount of the tax overpayment, less any

2012, and on or before December 31, 2012. Any flow-through

entity that has withheld on behalf of the taxpayer should have

penalty and interest due on lines 49, 50 and 51, is less than

zero, enter the difference (as a positive number) on line 52.

provided the taxpayer with the amount for its records.

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

If an amount is entered on this line, complete the CIT Schedule

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

of Flow-Through Withholding (Form 4911) to account for the

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

Flow-Through Withholding payments received. The amount

next CIT tax year. Complete lines 54 and 55 as applicable.

entered on this line must equal the sum of the combined

amount from Form 4911, column E.

Line 54: If the taxpayer anticipates a CIT or Retaliatory Tax

liability in the filing period subsequent to this return, some or

Line 46: The Workers’ Disability Supplemental Benefit

all of any overpayment from line 53 may be credited forward

(WDSB) Credit is available to an insurance company subject

to the Workers’ Disability Compensation Act of 1969. The

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

credit is equal to the amount paid during that tax year by the

amount to use as an estimate for the next CIT tax year.

insurance company pursuant to Section 352 of the act, as

Reminder: Taxpayers must sign and date returns. Tax

certified by the director of the Workers’ Compensation Agency,

preparers must provide a Preparer Taxpayer Identification

Department of Licensing and Regulatory Affairs (LARA),

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

during the tax year. The amount of the credit is provided to

business name, and a business address and phone number.

taxpayers by LARA. For more information on WDSB credit

eligibility, contact LARA, Workers’ Compensation Agency, by

Other Supporting Forms and Schedules

phone at 1-888-396-5041, by e-mail at wcinfo@michigan.gov,

The following forms and their requested attachments should be

or visit the LARA Web site at

included as part of this return, as applicable:

Line 49: If penalty and interest are owed for not filing

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

estimated returns or for underestimating tax, complete the CIT

column for lines 35 through 38.

Penalty and Interest Computation for Underpaid Estimated Tax

• Workers’

Disability

Supplemental

Benefit

(WDSB)

(Form 4899), to compute penalty and interest due. If a taxpayer

Certificate.

chooses not to file Form 4899, Treasury will compute penalty

and interest and bill for payment. (Form 4899 is available on

• California insurers must include Bureau of Fraudulent

the Web at )

Claims assessments.

Line 50: Refer to the “Computing Penalty and Interest” section

• New York domiciled companies must file and pay a

tentative retaliatory tax to Michigan by the annual due date,

in Form 4904 to determine the annual return penalty rate and

use the following Overdue Tax Penalty worksheets.

March 1, 2012. Form 4905 must be filed after the actual CT33

is filed with New York. Transfer the CT33 numbers onto the

Form 4905 and attach a copy of the CT33 to substantiate the

WORKSHEET – OVERDUE TAX PENALTY

A. Tax due from Form 4905, line 48 ........

taxpayer’s claim.

B. Late or insufficient

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

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

Carry amount from line C to Form 4905, line 50.

Form 4905 - Insurance Company Annual Return For Corporate Income And Retaliatory Taxes - 2012 Page 12

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