Instructions For Form 4567 - Michigan Business Tax Annual Return (Page 11 of 11) in pdf

Estimated Tax (Form 4582) to compute penalty and interest

federal attachments for members of UBGs.

due. If a taxpayer chooses not to file this form, Treasury will

• C Corporations: U.S. Form 1120 (pages 1 through 4),

compute penalty and interest and bill for payment.

Schedule D, Form 851, Form 4562, and Form 4797. If filing

as part of a consolidated federal return, attach a pro forma

Line 69: Enter the annual return penalty rate on line 69a. Add

or consolidated schedule.

the overdue tax penalty on line 69b to the overdue tax interest

in line 69c. Enter total on line 69d.

• S Corporations: U.S. Form 1120-S (pages 1 through 4)*,

Schedule D, Form 851, Form 4562, Form 4797, Form 8825.

Refer to the “Computing Penalty and Interest” section in Form

• Individuals: U.S. Form 1040 (pages 1 and 2), Schedules C,

4600 to determine the annual return penalty rate and use the

C-EZ, D, E, and Form 4797.

following “Overdue Tax Penalty” and “Overdue Tax Interest”

• Fiduciaries: U.S. Form 1041 (pages 1 through 2), Schedule

worksheets.

D, and Form 4797.

• partnerships: U.S. Form 1065, (pages 1 through 5)*,

WORKSHEET – OVERDUE TAX PENALTY

Schedule D, Form 4797, and Form 8825.

A. Tax due from Form 4567, line 67 .........

• Limited

Liability

Companies:

Attach

appropriate

B. Late/extension or insufficient

schedules listed above based on federal return filed.

payment penalty percentage ................

C. Multiply line A by line B .....................

• Federally Exempt Entities: In certain circumstances,

Carry amount from line C to Form 4567, line 69b.

a federally tax exempt entity must file an MBT return. In

those cases, attach U.S. Form 990-T (pages 1 through 4).

WORKSHEET – OVERDUE TAX INTEREST

* Do not send copies of K-1s. Treasury will request them if

A. Tax due from Form 4567, line 67 .........

necessary.

Applicable daily interest percentage ..

C. Number of days return was past due ...

D. Multiply line B by line C ....................

E. Multiply line A by line D ....................

Carry amount from line E to Form 4567, line 69c.

Line 69c: NOTE: If the late period spans more than one

interest rate period, divide the late period into the number

of days in each of the interest rate periods identified in the

“Computing Penalty and Interest” section in Form 4600, and

apply the calculations in the “Overdue Tax Interest” worksheet

separately to each portion of the late period. Combine these

interest subtotals and carry the total to line 66c.

PART 5: REFUND OR CREDIT FORWARD

Line 71: If the amount of the overpayment, less any penalty

and interest due on lines 68 and 69d is less than zero, enter the

difference (as a positive number) on line 70. If the amount is

greater than zero, enter on line 71.

NOTE: If an overpayment exists, a taxpayer must elect a

refund of all or a portion of the amount and/or designate all or

a portion of the overpayment to be used as an estimate for the

next MBT tax year. Complete lines 72 and 73 as applicable.

Line 72: If the taxpayer anticipates an MBT liability in the

filing period subsequent to this return, some or all of any

overpayment from line 71 may be credited forward to the next

tax year as an estimated payment. Enter the desired amount to

use as an estimate for the next MBT tax year.

Reminder: Taxpayers must sign and date returns. Preparers

must provide a Preparer Taxpayer Identification Number

(PTIN), FEIN or Social Security number (SSN), a business

name, and a business address and phone number.

Other Supporting Forms and Schedules

Federal Forms: Attach copies of these forms to the return.

UBGs: See Form 4580 instructions for information regarding

Instructions For Form 4567 - Michigan Business Tax Annual Return Page 11

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