![]() ![]() If you file late, and you are owed a refund, you won't have to pay a penalty What Happens if you Can't Afford to Pay Your Taxes When you File? Note: You'll only have to pay a penalty if you aren't owed a refund. If your return is over 60 days late, the minimum Failure to File Penalty is $435 (for tax returns required to be filed in 2020, 20) or 100% of the tax required to be shown on the return, whichever is less. ![]() Interest can also be changed on a penalty. The amount you may have to pay is calculated by how late you file your tax return, and the amount of unpaid tax as of the original payment due date. The penalty you must pay is a percentage of the taxes you didn't pay on time." If you file your taxes after the April 18 deadline, you may get hit with a Failure to File Penalty.Īccording to the Internal Revenue Service, "The Failure to File Penalty applies if you don't file your tax return by the due date. Sign up for the weekly Chicago Catch-Up newsletter here. A UBG must provide the actual figures on each individual UBG member form.Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Actual method, reporting only those months included under the MBT/CIT return.This option is not available for a Unitary Business Group (UBG). Annual method, reporting the taxpayer's full year multiplied by a ratio of the number of months in the tax year included under the MBT over 12. ![]() The taxpayer will need to file Form 4, Instructions for Application for Extension of Time to File Michigan Tax Returns, include a copy of the federal extension request and pay tax liability in full by the due date to avoid penalty & interest.Ĭomputation of Tax for First Taxable Year Less Than 12 Months If federal extension is accepted, the Department will grant an automatic extension to the last day of the 8 th month following the return due date. An extension of time to file is not an extension of time to pay. Extension of time to file can be granted by the Department for with a timely application and payment of tax due.Filing threshold is annualized for tax year less than 12 months.Taxpayers (other than Insurance Companies or Financial Institutions) are not required to file or pay if apportioned gross receipts are less than $350,000. Annual Returns are due the last day of the 4th month after tax year end with payment of final liability.Taxpayer must meet the 85% of tax liability requirement.Īnnual Returns/Final Return, Extension of Time to File, Filing Threshold There is no prior year safe harbor exception for 2008 MBT or 2012 CIT.If prior year's tax is $20,000 or less, the taxpayer can make 4 equal quarterly estimated tax payments that total at least 100% of prior year tax liability. CIT tax years 2013 through current year, taxpayer can meet a prior year safe harbor exception.MBT tax years 2009 through 2011, taxpayer can meet a prior year safe harbor exception.Sum of estimated payments must equal at least 85% of tax liability and the amount paid approximate the quarter's liability.Fiscal Year Filers: Return and payment due the 15th day of the first month after each quarter.Calendar Year Filers: Return and payment due April 15 July 15 October 15 and January 15. ![]() Taxpayers expecting a tax liability to exceed $800 must file quarterly estimates as follows: Michigan Business Tax (MBT) and Corporate Income Tax (CIT) Quarterly Estimated Return due dates are provided below: Filing/Payment Due Dates ![]()
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