Form 4599 - Michigan Business Tax For Financial Institutions Booklet - 2012 Page 41
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42The short-year beginning January 1, 2012 will be granted an
automatic extension to the same date as the 2012 calendar year
returns, which is April 30, 2013. However, an extension of time
to file is not an extension of time to pay. An extension request
form need not be filed for the 2012 short period unless required
to transmit payment of any tax that would be due with the
annual return for that short period. The annual return tax due
must be paid by the original due date, which is the last day of
the fourth month after the end of the filing period.
If sending a payment for the 2012 portion of the fiscal tax
year, check the “Corporate Income Tax” box. Checking this
box DOES NOT commit the taxpayer with certificated credits
under MBT to file a CIT return; that commitment is made
when the taxpayer files the tax return for that short-period.
Financial institutions are subject to the CIT regardless of
whether they are taxed as a C Corporation or an S Corporation.
If the financial institution is an S Corporation, it may be subject
to Flow-Through Withholding as provided in Part 3 of the
Income Tax Act of 1967. See the Flow-Through Withholding
Quarterly Return (Form 4917) for guidance. Michigan tax
forms are available online at
Regardless of whether an MBT or CIT return is ultimately
filed, if the tax due is underestimated and sufficient payment
is not paid with the application for extension, interest will
be due on the unpaid or underpaid amount. See the Form 4
instructions for additional information on Penalty and Interest.
41
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