Form 4590 - Michigan Business Tax Annual Return For Financial Institutions

UBGs: Complete Form 4752 before beginning Form 4590.

at If the taxpayer is still

subject to another tax administered by Treasury, do not use this

Amended Returns: To amend a current or prior year annual

line. Also, do not use this line if the taxpayer is a UBG and one

return, complete the Form 4590 that is applicable for that year,

member has stopped doing business.

check the box in the upper-right corner of the return, and attach

Line 7: Use the taxpayer’s Federal Employer Identification

a separate sheet explaining the reason for the changes. Include an

Number (FEIN) or the Michigan Treasury (TR) assigned

amended federal return or a signed and dated Internal Revenue

Service (IRS) audit document. Include all schedules filed with

number. Be sure to use the same account number on all forms.

the original return, even if not amending that schedule. Enter the

If the taxpayer does not have an FEIN or TR number,

figures on the amended return as they should be. Do not include

the taxpayer MUST register before filing this form.

a copy of the originally filed return with your amended return.

Taxpayers

are

encouraged

online

The Web site provides

A taxpayer may not amend to revoke the election to remain

information on obtaining an FEIN, which is required to submit

taxable under the MBT. Once the taxpayer makes a valid election

to claim a certificated credit, the taxpayer must remain in the

taxes through e-file. Taxpayers usually can obtain an FEIN from

the IRS within 48 hours. Taxpayers registering with the State

MBT until the credit and any carryforward of that credit are

exhausted.

online usually receive an account number within seven days.

Line 1: Unless a calendar year, enter the beginning and ending

Returns received without a registered account number will not

dates (MM-DD-YYYY) that correspond to the taxable period

be processed until such time as a number is provided.

as reported to the IRS.

UBGs: Enter the FEIN or TR Number for the DM of the

Tax year means the calendar year, or the fiscal year ending

financial group.

during the calendar year, upon the basis of which the tax base

Line 8: Check the box that describes the DM’s organization

of a taxpayer is computed. If a return is made for a fractional

type. A Trust or a Limited Liability Company (LLC) should

part of a year, tax year means the period for which the return

check the appropriate box based on its federal return.

covers. Generally, a taxpayer’s tax year is for the same period

NOTE: A person that is a disregarded entity for federal tax

as is covered by its federal income tax return.

purposes, including a single member LLC or Q-Sub, must file

Fiscal Year Filers: See “Supplemental Instructions for Fiscal

as if it were a sole proprietorship if owned by an individual, or

MBT Filers — Financial Institutions” in Form 4599.

a branch or division if owned by another business entity.

Line 2: Enter the complete address and, if other than the

Line 8a: If the taxpayer meets the definition of financial institution

United States, enter the two-digit abbreviation for the country

and is filing this form, but is authorized to exercise only trust

code. See the list of country codes in Form 4599.

powers, check this box. See line 23 for additional instructions.

Correspondence about and any refund from this return will

UBG: If any member of a UBG is a financial institution that

be sent to the address used here. Check the new address box

is authorized to exercise only trust powers, the UBG should

if the address used on this line has changed from last filing.

check this box.

The taxpayer’s primary address in Treasury files, identified as

Line 9: Check this box if filing a Michigan UBG return and

the legal address and used for all purposes other than refund

and correspondence on a specific MBT return, will not change

include Form 4752. For MBT, taxpayer means a person or a

unless the taxpayer files a Notice of Change or Discontinuance

UBG liable for tax, interest, or penalty.

(Form 163). Exception: If mail sent to the legal address has

Lines 10a through 10c: A taxpayer may apportion on lines

been returned to Treasury by the United States Postal Service,

10a through 10c only if its business activities are subject

Treasury will update the taxpayers legal address with the

to tax both within and outside of Michigan. A financial

address used on this line in the most recent MBT return.

institution is subject to tax in another state, as that term is

UBGs: In the Name field, enter the name of the DM for the

used here, only if:

financial institutions.

• It is subject to a Business Privilege Tax, a Net Income Tax, a

Line 3: Enter a brief description of the principal types of

Franchise Tax measured by net income, a Franchise Tax for

financial services in which the taxpayer is engaged.

the privilege of doing business, or a corporate stock tax or

a tax of the type imposed under the MBT Act in that other

Line 4: Enter the start date of first business activity in Michigan.

state; OR

Line 5: Enter the entity’s six-digit North American Industry

• That other state has jurisdiction to subject the financial

Classification System (NAICS) code. For a complete list of

institution to one or more of the taxes listed above regardless

six-digit NAICS codes, see the U.S. Census Bureau Web site

of whether that state does or does not subject the financial

at , or enter the same NAICS

institution to such a tax.

code used when filing the entity’s U.S. Form 1120, Schedule K,

U.S. Form 1120S, or U.S. Form 1065.

Under MCL 208.1261(g), gross business means the sum of the

following less transactions between those entities included in a UBG:

Line 6: Enter the date, if applicable, on which the taxpayer went

i. Fees, commissions, or other compensation for financial

out of business. To complete the discontinuance for Michigan

taxes, file Form 163, which is available on the Treasury Web site

services.

Form 4590 - Michigan Business Tax Annual Return For Financial Institutions - 2013 Page 4

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