Forms 4907 To 4910 - Michigan Corporate Income Tax For Financial Institutions - 2014 Page 5
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28For more information and program updates, including exclusions
For example, 24.154266 percent becomes 24.1542 percent.
from e-file, visit the e-file Web site at
When converting a percentage to a decimal number, carry
numbers out six digits to the right of the decimal point. For
The taxpayer may be required to e-file its federal return. Visit
example, 24.154266 percent becomes 0.241542.
the Internal Revenue Service (IRS) Web site at
• Report all amounts in whole dollars. Round down
for more information on federal e-file requirements and the IRS
amounts of 49 cents or less. Round up amounts of 50 cents
Federal/State Modernized e-File (MeF) program.
or more. If cents are entered on the form, they will be
Complete Federal Tax Forms First
treated as whole dollar amounts.
Before preparing CIT returns, complete all federal tax forms.
Suggested Order of Analysis and Preparation of
These forms may include:
an CIT Annual Return
• Fiduciaries — U.S. Form 1041, 1065, and related Schedules
First, determine whether the taxpayer has nexus with
C, C-EZ, D, E, K, 4797, and 8825.
Michigan. Nexus is a legal term that expresses whether a
• Corporations — U.S. Form 1120, 1120-S, and Schedules D,
taxpayer has sufficient connection to Michigan to justify
K, 851, 940, 4562, 4797, and 8825.
subjecting the taxpayer to Michigan tax.
• Limited Liability Companies (LLCs) — federal forms listed
For information on nexus, and other CIT issues, see the
above, depending on how federal returns have been filed.
Michigan Department of Treasury (Treasury) Web site at
(Click on the “Corporate Income
Reference these federal forms to complete Form 4908.
Tax” on the left side of the page.) Treasury will post updates
Copies of certain pages from these federal forms must also be
here and via Revenue Administrative Bulletin (available on the
attached to the annual return filed. See the instructions for Form
“Reference Library” link on the left side of the page).
4908 for further details.
For a taxpayer using Form 4908, first complete lines 1 through
20, which is sufficient to calculate total liability before
Completing Michigan Forms
recapture of Certain Business Tax Credits. At that point, if any
Treasury captures the information from paper CIT returns
recapture of credits exists begin the CIT Schedule of Recapture
using an Intelligent Character Recognition process. If
of Certain Business Tax Credits (Form 4902).
completing a paper return, avoid unnecessary delays caused
by manual processing by following the guidelines below so the
Further General Guidance
return is processed quickly and accurately.
For purposes of CIT, taxpayer means a C Corporation,
• Use black or blue ink. Do not use pencil, red ink, or felt tip
insurance company, financial institution, or a unitary business
pens. Do not highlight information.
group liable for tax, interest, or penalty.
• Print using capital letters (UPPER CASE). Capital letters
A Unitary Business Group (UBG) is a group of United
are easier to recognize.
States persons that are corporations, insurance companies, or
• Print numbers like this: 0123456789. Do not put a
financial institutions, other than a foreign operating entity, that
) or seven ( 7 ).
slash through the zero (
satisfies the following criteria:
a
• Fill check boxes with an [X]. Do not use a check mark [
].
• One of the persons owns or controls, directly or indirectly,
• Leave lines/boxes blank if they do not apply or if the
more than 50 percent of the ownership interest with voting
amount is zero, unless otherwise instructed.
rights (or rights comparable to voting rights) of the other
• Do not enter data in boxes filled with Xs.
members; AND
• Do not write extra numbers, symbols, or notes on the
• The UBG has operations which result in a flow of value
return, such as cents, dashes, decimal points (excluding
between the members in the UBG or has operations that
percentages), or dollar signs, unless otherwise instructed.
are integrated with, are dependent upon, or contribute to
Enclose any explanations on a separate sheet unless
each other. Flow of value is determined by reviewing the
instructed to write explanations on the return.
totality of facts and circumstances of business activities and
• Date format, unless otherwise specified, should be in the
operations.
following format: MM-DD-YYYY. Use dashes (-) rather
All financial institution members must file a combined return
than slashes (/).
(addressed in the “UBGs and Combined Filing” section of this
• Enter phone numbers using dashes (e.g., 517-555-5555); do
General Information).
not use parentheses.
NOTE: In general, a person that is a disregarded entity for
• Stay within the lines when entering information in boxes.
federal tax purposes must file as if it were a branch or division
• Report losses and negative amounts with a negative
if owned by another business entity.
sign in front of the number (do not use parentheses). For
UBGs and Combined Filing
example, a loss in the amount of $22,459 should be reported
as -22,459.
NOTE: UBGs are addressed here, in general. In the
• Percentages should be carried out four digits to the
instructions for each form, “Special Instructions for Unitary
Business Groups” are located directly before “Line-by-Line
right of the decimal point. Do not round percentages.
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