Form 4599 - Michigan Business Tax For Financial Institutions Booklet - 2012 Page 6
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42• Print numbers like this: 012345678. Do not put a slash
returns that are eligible to be e-filed. A notice will be mailed to
through the zero ( ) or seven ( 7).
the taxpayer, indicating that the taxpayer’s return was not filed
in the proper form and content and must be e-filed. Payment
• Fill check boxes with an [X]. Do not use a check mark [
a
].
received with a paper return will be processed and credited to
• Leave lines/boxes blank if they do not apply or if the
the taxpayer’s account even when the return is not processed.
amount is zero, unless otherwise instructed.
Treasury will not process computer-generated paper returns
• Do not enter data in boxes filled with Xs.
that are eligible to be e-filed. A notice will be mailed to the
• Do not write extra numbers, symbols, or notes on the
taxpayer indicating the return was not filed in the proper form
return, such as cents, dashes, decimal points (excluding
and content and must be e-filed.
percentages), or dollar signs, unless otherwise instructed.
Enclose any explanations on a separate sheet unless instructed
Treasury will continue to accept certain Portable Document
to write explanations on the return.
Format (PDF) attachments with MBT e-filed returns. A
• Date format, unless otherwise specified, should be in the
current list of defined attachments is available in the MBT
following format: MM-DD-YYYY. Use dashes (-) rather than
“Electronic Filing Tax Preparer Handbook,” which is available
slashes (/).
on Treasury’s Web site at by selecting
“Business Taxpayer,” then “Michigan Business Tax E-File,” and
• Enter phone numbers using dashes (e.g., 517-555-5555); do
looking under “Tax Preparer Resources.” Follow your software
not use parentheses.
instructions for submitting attachments with an e-filed return.
• Stay within the lines when entering information in boxes.
• Report losses and negative amounts with a negative sign
If the MBT return includes supporting documentation or
in front of the number (do not use parentheses). For example, a
attachments that are not on the predefined list of attachments,
loss in the amount of $22,459 should be reported as -22,459.
the return can still be e-filed. Follow your software instructions
for including additional attachments. The tax preparer or
• Percentages should be carried out four digits to the right
taxpayer should retain file copies of all documentation or
of the decimal point. Do not round percentages. For example,
24.154266 percent becomes 24.1542 percent. When converting
attachments.
a percentage to a decimal number, carry numbers out six
For more information and program updates, including
digits to the right of the decimal point. For example, 24.154266
exclusions from e-file, visit the e-file Web site at www.
percent becomes 0.241542.
.
Report all amounts in whole dollars. Round down amounts
The taxpayer may be required to e-file its federal return. Visit
of 49 cents or less. Round up amounts of 50 cents or more. If
the Internal Revenue Service (IRS) Web site at for
cents are entered on the form, they will be treated as whole
more information on federal e-file requirements and the IRS
dollar amounts.
Federal/State Modernized e-File (MeF) program.
Suggested Order of Analysis and Preparation of
Complete Federal Tax Forms First
an MBT Annual Return
Before preparing MBT returns, complete all federal tax forms.
First, determine whether the taxpayer has
a certificated
These forms may include:
credit. If the financial institution taxpayer does not have a
certificated credit, it is subject to the CIT. For a taxpayer using
• Fiduciaries — U.S. Form 1041, 1065, and related Schedules
Form 4590, first complete lines 1 through 26. At that point,
C, C-EZ, D, E, K, 4797, and 8825.
if any nonrefundable credits will be claimed, begin the MBT
• Corporations — U.S. Form 1120, 1120-S, and Schedules D,
Nonrefundable Credits Summary (Form 4568), which serves
K, 851, 940, 4562, 4797, and 8825.
several important functions:
• Limited Liability Companies (LLCs) — federal forms listed
• Acts as a checklist of nonrefundable credits
above, depending on how federal returns have been filed.
• Identifies the order in which nonrefundable credits must be
Reference these federal forms to complete Form 4590.
claimed
Copies of certain pages from these federal forms must also
• Identifies the form on which each nonrefundable credit is
be attached to the annual return filed. See the instructions for
calculated
Form 4590 for further details.
• Tracks tax liability as it is reduced by each credit in proper
Completing Michigan Forms
order
• Identifies (where applicable) the point at which tax liability
Treasury captures the information from paper MBT returns
reaches zero and no further nonrefundable credits may be
using an Intelligent Character Recognition process. If
claimed in the current filing period.
completing a paper return, avoid unnecessary delays caused
by manual processing by following the guidelines below so the
Complete Form 4568 from top to bottom. For each credit the
return is processed quickly and accurately.
taxpayer qualifies for, calculate the credit as identified on the
appropriate form and bring the result back to the appropriate
• Use black or blue ink. Do not use pencil, red ink, or felt tip
line on Form 4568.
pens. Do not highlight information.
• Print using capital letters (UPPER CASE). Capital letters
After total nonrefundable credits are determined on Form
are easier to recognize.
4568, line 40, carry the figure to Form 4590, line 27. The lines
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