Now that we have established what the Michigan Business Tax was, businesses should understand when the MBT will be effectively eliminated and what (if any) effect the new replacement business tax has on their business.
First, businesses should note that although the Michigan Business Tax has been effectively repealed, the effective termination of the MBT will be January 1, 2011. For this reason, most businesses that had to file a Michigan Business Tax return in the past would have at least one more MBT tax return to prepare.
The first question most businesses will likely have will be, what happens if I am a non-calendar year-end taxpayer? For businesses that have year ends other than December 31, it is very likely that you would have to prepare a partial year return to bring your business filings in compliance with MBT filing deadlines.
However, as of this time, the State of Michigan has not issued additional guidance on this issue, please check back for updates as they become available.
First, businesses should note that although the Michigan Business Tax has been effectively repealed, the effective termination of the MBT will be January 1, 2011. For this reason, most businesses that had to file a Michigan Business Tax return in the past would have at least one more MBT tax return to prepare.
The first question most businesses will likely have will be, what happens if I am a non-calendar year-end taxpayer? For businesses that have year ends other than December 31, it is very likely that you would have to prepare a partial year return to bring your business filings in compliance with MBT filing deadlines.
However, as of this time, the State of Michigan has not issued additional guidance on this issue, please check back for updates as they become available.
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