Showing 2 posts from August 2012.
New Law Clarifies Withholding Requirements for Flow-Through Entities
Tax withholding requirements in Michigan are set forth in MCL 206.703. Every Michigan employer that is required to withhold federal income tax under the Internal Revenue Code is also required to register and withhold Michigan income taxes. Effective January 1, 2012, companies that pay pension and retirement benefits are also required to withhold Michigan income taxes on those payments to retirees. The withholding rate is generally 4.35%. Read More ›
Categories: Income Tax
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Treasury Form 4913 for Quarterly Corporate Income Tax Payments
The Corporate Income Tax (“CIT”) took effect on January 1, 2012 and replaced the Michigan Business Tax (“MBT”) for most taxpayers, except those electing to continue the MBT to claim certain credits. The CIT consists of a franchise tax for financial institutions, a premium tax for insurance companies, and a flat 6% income tax for C Corporations and entities taxed as C Corporations for federal income tax purposes. As discussed in prior blog postings, the CIT does not apply to pass-through entities, such as LLCs or partnerships. Read More ›
Categories: Corporate Income Tax, Income Tax
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