Form 4590 - Michigan Business Tax Annual Return For Financial Institutions

June 30 year end and a taxpayer that has a March 31 year end

WORKSHEET – OVERDUE TAX INTEREST

and is an owner of the FTE. The FTE will make quarterly

A. Tax due from Form 4590, line 40 ........

FTW payments in April 2014 (for its quarter ending March

31) and July 2014 (for its quarter ending June 30), and will file

B. Applicable daily interest percentage ....

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

an annual FTW reconciliation return (Form 4918) for its year

ending June 30, 2014. Because the FTE’s tax year ends within

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

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

the taxpayer’s 2014-15 fiscal year, all the FTW payments for

that taxpayer are attributable to the taxpayer’s 2014-15 fiscal

Carry amount from line E to Form 4590, line 42c.

year, regardless of the dates of the quarterly payments.

Line 42c: NOTE: If the late period spans more than one

If an amount is entered on this line, complete the MBT

interest rate period, divide the late period into the number

Schedule of Flow-Through Withholding (Form 4966) to

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

account for the Flow-Through Withholding payments received.

“Computing Penalty and Interest” section in Form 4599, and

The amount entered on this line must equal the sum of the

apply the calculations in the “Overdue Tax Interest” worksheet

combined amount from Form 4966, column E.

separately to each portion of the late period.

Line 37: Enter refundable credits from the MBT Refundable

Combine these interest subtotals and carry the total to Form

Credits (Form 4574), line 23.

4590, line 42c.

Only the following are available to a financial institution:

PART 3: REFUND OR CREDIT FORWARD

• MEGA Employment Tax Credit (claimed on Form 4574)

Line 44: If the amount of the overpayment, less any penalty

• Historic Preservation Credit (calculated on Form 4584)

and interest due on lines 41 and 42d is less than zero, enter the

• Brownfield Redevelopment Credit (calculated on Form 4584)

difference (as a positive number) on line 43. If the amount is

greater than zero, enter on line 44.

• Film Production Credit (as assignee only)

• MEGA Photovoltaic Technology Credit (as assignee only).

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

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

Amended Returns Only:

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

Line 39a: Enter payment made with original return.

next MBT tax year. Complete lines 45 and 46 as applicable.

Line 39b: Enter overpayment calculated on the original

Line 45: If the taxpayer anticipates an MBT liability in the

return (regardless of whether it was refunded or

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

applied as a credit forward)

overpayment from line 44 may be credited forward to the next

Line 39c: Add lines 38 and 39a and subtract line 39b from

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

the sum.

use as an estimate for the next MBT of Corporate Income Tax

(CIT) tax year, whichever is applicable.

Line 41: If penalty and interest are owed for not filing

Reminder: Taxpayers must sign and date returns. Tax

estimated returns or for underestimating tax, complete

preparers must provide a Preparer Taxpayer Identification

the MBT Penalty and Interest Computation for Underpaid

Estimated Tax (Form 4582) to compute penalty and interest

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

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

business name, and a business address and phone number.

compute penalty and interest and bill for payment. (Form 4582

is available on the Web at )

Other Supporting Forms and Schedules

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

Line 42: Enter the annual return penalty rate in line 42a. Add

the overdue tax penalty in line 42b to the overdue tax interest

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

in line 42c. Enter total in line 42d.

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

Refer to the “Computing Penalty and Interest” section in Form 4599

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

to determine the annual return penalty rate and use the “Overdue

or consolidated schedule.

Tax Penalty” and “Overdue Tax Interest” worksheets below.

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

Schedule D, Form 851, Form 4562, Form 4797, and Form

8825.

WORKSHEET – OVERDUE TAX PENALTY

A. Tax due from Form 4590, line 40 ........

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

B. Late/extension or insufficient

D, and Form 4797.

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

• Limited

Liability

Companies:

Attach

appropriate

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

schedules shown above based on federal return filed.

Carry amount from line C to Form 4590, line 42b.

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

necessary.

Form 4590 - Michigan Business Tax Annual Return For Financial Institutions - 2013 Page 7

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