Saturday, May 19, 2012

MBT Repeal Continued

Although I have included many articles relating to the Michigan Business Tax (MBT) repeal.

This article will cover the last remaining nuances relating to the effective close out of the Michigan Business Tax.

As I noted in my previous articles, the Michigan Business Tax has been repealed as of December 31st, 2011. This date is a hard tax date.

For this reason, if you are a business with Michigan sales, and you have a year end other than December 31st. You may have an additional tax filing for the period ending December 31, 2011.

The calculation for whom is required to file, is a little less than straightforward, for this reason, you should consult with your tax advisor on this matter.

However, all businesses who are required to file a Michigan Business Tax return, are required to file a final return by April 30th, 2012 (unless your business has elected to continue to use the MBT return, due to expiring tax credits).

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