Michigan Corporate Income Tax Annual Return For Financial Institutions - 2012 Page 13
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30Instructions for Form 4908
Corporate Income Tax (CIT) Annual Return for Financial Institutions
For periods less than 12 months, see the “General Information
Purpose
for Standard Taxpayers” in the CIT Forms and Instructions for
To calculate a tax liability for a financial institution for CIT.
Financial Institutions (Form 4907).
Every taxpayer engaged in business activity in Michigan must
Special Instructions for Unitary Business Groups
file an annual return.
All financial institution members of a UBG must file a
UBGs: Complete the CIT Unitary Business Group Combined
combined Form 4908 for the group with a Designated Member
Filing Schedule for Financial Institutions (Form 4910) before
(DM) who must be the controlling member of the group, unless
beginning Form 4908.
the controlling member does not have nexus with Michigan. If
that is the case, the controlling member may appoint a group
Amended Returns: To amend a current or prior year
member with nexus to serve as the DM.
annual return, complete the CIT Amended Return for
Financial Institutions (Form 4909) that is applicable for
NOTE: The CIT Unitary Business Group Combined Filing
Schedule for Financial Institutions (Form 4910) must be
that year, and attach a separate sheet explaining the reason
completed before completing Form 4908.
for the changes. Include an amended federal return or a
signed and dated Internal Revenue Service (IRS) audit
For more information on UBGs, see the CIT Forms and
document, if applicable. Include all schedules filed with
Instructions for Financial Institutions (Form 4907), or go
the original return, even if not amending that schedule.
online to the Department of Treasury Web site at www.
Do not include a copy of the original return with
michigan.gov/treasuryforms.
your amended return. Find detailed instructions on Form
NOTE: A Unitary Business Group (UBG) may include
4909.
financial institutions, insurance companies, and standard
Line 1: Unless a calendar year, enter the beginning and ending
taxpayers. A group containing a mixture of these three
dates (MM-DD-YYYY) that correspond to the taxable period
taxpayer types may be required to file two or more returns to
as reported to the IRS.
properly report the activities of the different taxpayer types
Tax year means the calendar year, or the fiscal year ending
within the group.
during the calendar year, upon the basis of which the tax base
Under Michigan Public Act 38 of 2011, Section 651(f), financial
of a taxpayer is computed. If a return is made for a fractional
institution means any of the following:
part of a year, tax year means the period for which the return
covers. Generally, a taxpayer’s tax year is for the same period
i. A bank holding company, a national bank, a state chartered
as is covered by its federal income tax return.
bank, a state chartered savings bank, a federally chartered
Line 2: Enter the taxpayer’s name and Federal Employer
savings association, or a federally chartered farm credit system
institution.
Identification Number (FEIN) in the appropriate fields. Be sure
ii. Any entity, other than an entity subject to the tax imposed
to use the same account number on all forms.
under Chapter 12 (insurance company), who is directly or
NOTE: The taxpayer must register before filing this
indirectly owned by an entity described in (i) and is a member
form. Taxpayer’s are encouraged to register online at
of the UBG.
Taxpayers that register
iii. A UBG of entities described in (i) or (ii), or both.
with the State online receive their notification of the
registration within seven days.
NOTE: Because the definition of financial institution for CIT
purposes includes any entity (except an insurance company) that
NOTE: If the taxpayer does not have an FEIN, the
is owned by a bank or other entity (as described above) and is a
taxpayer must obtain an FEIN before filing. The Web site
member of a UBG with its owner, this may cause an entity that
provides information on
is not commonly thought of as a financial institution to be treated
obtaining an FEIN.
as one for return filing purposes. A UBG of financial institutions
Returns received without a registered account number will
must file a combined return on this Form 4908 that includes each
not be processed until such time as a number is provided.
member of the group that is a financial institution.
Enter the two-digit abbreviation for the country code. See the
Taxpayer Certification
list of country codes in the CIT Forms and Instructions for
A return filed by a UBG must be signed by an individual
Financial Institutions (Form 4907).
authorized to sign on behalf of the DM. Provide the telephone
number of that individual at the DM’s office.
Any refund or correspondence from this return will be sent
to the address used here. The taxpayer’s primary address in
Line-by-Line Instructions
Treasury files, identified as the legal address and used for all
purposes other than refund and correspondence on a specific
Lines not listed are explained on the form.
CIT return, will not change unless the taxpayer files a Notice of
Dates must be entered in MM-DD-YYYY format.
Change or Discontinuance (Form 163).
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