Michigan Corporate Income Tax Annual Return For Financial Institutions - 2012 Page 3

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When a corporation has had taxes withheld under FTW,
the amount is treated as a CIT payment that will be applied
against the corporation’s CIT liability. A corporation that had
taxes withheld on the distributive share of business income
is not required to make quarterly estimated payments on that
income. To claim payments, the corporation will be required
to file a CIT Annual Return (Form 4891). If the corporation
is a member of a UBG, payments may be claimed on that
corporation’s Form 4897. If the corporation is below one of
the CIT filing thresholds then it may file a Form 4891 to claim
these payments.
The flow-through entity is required to notify the members it
has withheld on of the amount of withholding paid on behalf of
that member as well as other information that the member will
need to complete its CIT return. There is no set method for this
reporting to be done. The Department has recommended that
this be reported to the members as a supplemental attachment
to the federal Schedule K-1 that is required to be submitted to
each member. For a corporation, this information will include
the:
• FEIN of the flow-through entity
• Tax year of the flow-through entity
• FTW paid on behalf of that member
• Member’s tentative distributive share of the flow-through
entity’s business income
• Flow-through entity’s sales that have been sourced to
Michigan
• Flow-through entity’s total sales.
There are also several exemptions from the FTW requirements.
These exemptions include the MBT Election Exemption and
the Opt-Out Exemption, both of which are explained in the
FTW Instruction Booklet and on the Department’s Web site at
For more information on FTW and the exemptions from the
FTW requirements, see the 2012 Flow-Through Withholding
Annual Reconciliation Booklet (Form 5014), and Treasury’s
Web site at
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