Forms 4907 To 4910 - Michigan Corporate Income Tax For Financial Institutions - 2014 Page 3
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28Important Information for 2014 — Corporate Income Tax, Financial Institutions
A person that satisfies the definition of affiliated group may
Corporate Income Tax (CIT) Instruction
elect to have all persons included in that group treated
Differences for Calendar, Fiscal Year Filers
as a UBG for purposes of filing the CIT even if those persons
The CIT took effect January 1, 2012, and replaced the
do not satisfy the relationship test. The group of persons must
file the Michigan Corporate Income Tax Affiliated Group
Michigan Business Tax (MBT), except for certain businesses
that wish to retain certain certificated credits. This CIT booklet
Election to File as a Unitary Business Group (Form 5114) with
includes forms and instructions designed for the calendar year
the Michigan Department of Treasury (Treasury) to make the
2014, and for fiscal years beginning in 2014 and ending in 2015.
election. This election is irrevocable and binding for the tax
year for which it is made and the subsequent nine tax years (10
NOTE: Per Public Act 38 of 2011, the Corporate Income Tax
total tax years).
(CIT) replaced the MBT for most taxpayers effective January
1, 2012. After that the MBT continues for those that made the
Helpful Hints for Completing a CIT Return
election to continue to file MBT. This election is irrevocable.
CIT Unitary Business Group (UBG) Combined Filing
See the MBT booklet for more details. For information on the
Schedule for Financial Institutions (Form 4910)
MBT election, see the 2012 MBT Forms and Instructions for
Members of a UBG will report their data on the CIT UBG
Standard Taxpayers (Form 4600), MBT Forms and Instructions
Combined Filing Schedule for Financial Institutions (Form
for Insurance Companies (Form 4592), or MBT Forms and
4910). Once all member data is combined and eliminations
Instructions for Financial Institutions (Form 4599).
are calculated, the final figures will carry to Form 4908. UBG
Public Act 266 of 2013:
members may have different tax year-ends. The combined
The Affiliated Group Election
return must include each member whose tax year ends with or
Public Act 266 of 2013 creates the affiliated group election,
within the tax year of the Designated Member (DM).
which allows a group of persons that satisfy the definition of
Estimates
“affiliated group,” (see below) to elect to be treated as a Unitary
Business Group (UBG) under the Corporate Income Tax
All estimated payments, extension payments, and tax returns
(CIT) even if those persons do not satisfy the relationship test
must be filed under the UBG’s DM.
of MCL 208.611(6). For more information on the relationship
test see, the Michigan CIT Unitary Business Group Affiliates
If making estimated payments by Electronic Funds Transfer
Excluded from the Return of Standard Taxpayers (Form 4896)
(EFT), the associated vouchers are not required to be
or go online to
submitted.
The term “affiliated group” means that term as defined in
Amended Returns
section 1504 of the internal revenue code except that 1) the
term includes all United States persons that are corporations,
To amend a current or prior year annual return, complete
insurance
companies, or financial institutions, other than a
the Form 4909 that is applicable, explaining the reason for
foreign operating entity, and 2) that are commonly owned,
the changes. Include an amended federal return or a signed
directly or indirectly, by any member of such affiliated group and
and dated Internal Revenue Service (IRS) audit document.
Include all schedules filed with the original return, even if
other members of which more than 50 percent of the ownership
not amending that schedule. Enter the figures on the amended
interests with voting rights or ownership interests that confer
comparable rights to voting rights of the member is directly
return as they should be.Do not include a copy of the original
or indirectly owned by a common owner or owners.
return with your amended return.
2014 General Information for Financial Institutions
Standard Taxpayers and Insurance Companies: See the Corporate Income Tax (CIT) Instruction Booklet for Standard Taxpayers
(Form 4890) or the CIT Instruction Booklet for Insurance Companies (Form 4904) at
• Any entity, other than an entity subject to the tax imposed
This booklet is intended as a guide to help complete the CIT
return. It does not take the place of the law.
under Chapter 12 (insurance company), who is directly or
indirectly owned by an entity described in 206.651(f)(i) and
Who Files a Financial Return?
is a member of the UBG.
• A UBG consisting of entities described above.
File a CIT Annual Return for Financial Institutions (Form
NOTE: Because the definition of financial institution for CIT
4908) if the taxpayer is any of the following:
purposes includes any entity (except an insurance company) that
• A bank holding company, a national bank, a state chartered
is owned by a bank or other entity (as described above) and is a
bank, a state chartered savings bank, a federally chartered
member of a UBG with its parent, this may cause an entity that
savings association, or a federally chartered farm credit
is not commonly thought of as a financial institution to be treated
system institution.
as one for return filing purposes. A UBG of financial institutions
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