Form 4599 - Michigan Business Tax For Financial Institutions Booklet - 2012 Page 9
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42will grant an extension of eight months to file the tax return.
the MBT Penalty and Interest Computation for Underpaid
Estimated Tax (Form 4582). If a taxpayer prefers not to file this
Any estimated tax that may be due with the request should
form, Treasury will compute the penalty and interest and send
be paid in the same manner as estimated payments were paid
a bill.
during the year.
The following chart shows the interest rate that applies to each
A written response will be sent to the legal address on file
filing period. A new interest rate is set at 1 percent above the
when a valid extension application is received.
adjusted prime rate for each six-month period.
If an MBT extension is filed on time but the total payments
received by the original due date are less than 90 percent of the
Beginning Date
Rate
Daily Rate
tax liability, a 10 percent negligence penalty may apply.
January 1, 2012
4.25%
0.0001164
IMPORTANT: If no tax is owed, there is no need to file an
July 1, 2012
4.25%
0.0001161
extension with Michigan by the due date of the return to
January 1, 2013
4.25%
0.0001161
avoid penalty. However, without an approved extension, it is
necessary to file an annual return as soon as the information is
For a complete list of interest rates, see the Revenue
available to do so. An extension of time to file will also extend
Administrative
Bulletins
on
Treasury’s
Web
site
at
the statute of limitations.
Amending a Return
Signing the Return
A taxpayer may not amend to revoke the election to remain
All returns must be signed and dated by the taxpayer or the
taxable under the MBT. Once the taxpayer makes a valid
taxpayer’s authorized agent. This may be the owner, partner,
election to claim a certificated credit, the taxpayer must remain
corporate officer, or association member. The corporate
in the MBT until the certificated credit and any carryforward
officer may be the president, vice president, treasurer, assistant
of that credit are exhausted. Most certificated credits must be
treasurer, chief accounting officer, or any other corporate
claimed for the taxpayer’s first tax year ending after December
officer (such as tax officer) authorized to sign the corporation’s
31, 2011.
tax return.
To amend a current or prior year annual return, complete the
If someone other than the above prepared the return, the
Form 4590 that is applicable for that year and check the box
preparer must give his or her business address and telephone
in the upper-right corner of the return, and attach a separate
number.
sheet explaining the reason for the changes. Include all
Print the name of the authorized signer and preparer in the
schedules filed with the original return, even if not amending
appropriate area on the return.
that schedule. Enter the figures on the amended return as they
should be. Do not include a copy of the original return with
Assemble the returns and attachments (in sequence order)
your amended return.
and staple in the upper-left corner. (Do not staple a check to
the return.) In an e-filed return the preparation software will
Current and past year forms are available on Treasury’s Web
assemble the forms and PDF attachments in the proper order
site at
automatically.
To amend a return to claim a refund, file within four years of
IMPORTANT REMINDER: Failure to include all the
the due date of the original return (including valid extensions).
required forms and attachments will delay processing and may
Most certificated credits must be claimed for the taxpayer’s
result in reduced or denied refund or credit forward or a bill for
first tax year ending after December 31, 2011. Interest will be
tax due.
paid beginning 45 days after the claim is filed or the due date,
whichever is later. Most certificated credits must be claimed for
SIGNING AN E-FILED RETURN: As with any tax return
the taxpayer’s first tax year ending after December 31, 2011.
submitted to Treasury on paper, an electronic tax return must
be signed by an authorized tax return signer, the Electronic
If amending a return to report a deficiency, penalty and interest
Return Originator (ERO), if applicable, and the paid tax
may apply from the due date of the original return.
preparer, if applicable. NOTE: If the return meets one of the
If any changes are made to a federal income tax return that
exceptions to the e-file mandate and is being filed on paper,
affect an MBT tax base, filing an amended return is required.
it must be manually signed and dated by the taxpayer or the
To avoid penalty, file the amended return within 120 days after
taxpayer’s authorized agent.
the final determination by the IRS.
The MBT Fed/State e-file signature process is as follows:
Computing Penalty and Interest
Fed/State Returns: Michigan will accept the federal signature
Annual and estimated returns filed late or without sufficient
method. Michigan does not require any additional signature
payment of the tax due are subject to a penalty of 5 percent of
documentation.
the tax due, for the first two months. Penalty increases by an
State Stand Alone Returns: State Stand Alone returns must
additional 5 percent per month, or fraction thereof, after the
be signed using Form MI-8879 (also called the Business Tax
second month, to a maximum of 25 percent.
e-file Authorization MI-8879, Form 4763). Returns are signed
Compute penalty and interest for underpaid estimates using
by entering the taxpayer PIN in the software after reading the
9
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