American Payroll Association (APA) Basic Guide to Payroll, 2013 Edition
It's more important than ever to be in compliance with payroll laws and regulations! How do you stay in compliance and avoid penalties? The APA Basic Guide to Payroll is written to make understanding the laws and regulations as easy as possible. And this single-volume guide is filled with tools to help you apply the law and make proper calculations – with ease!
The Michigan Department of Treasury has released the quarterly return (Form 4913) and instructions for the new corporate income tax. Form 4913 is used to report activity occurring after 2011 and replaces Form 4548, the Michigan business tax (MBT) quarterly return. Therefore, even taxpayers that will continue to pay the MBT in order to claim certificated credits will use Form 4913.
Taxpayers must make quarterly estimated payments if the annual corporate income tax liability is expected to exceed $800. The sum of the estimated payments must equal at least 85% of the total liability, and the amount of each payment must reasonably approximate the tax liability incurred during the period. For the first year of the corporate income tax, there is no prior-year safe harbor.
Fiscal year taxpayers are required to file two short-period returns: (1) from the beginning of the tax year through December 31, 2011, and (2) from January 1, 2012, through the end of the tax year. This is true regardless of whether the taxpayer is switching to the corporate income tax or remaining with the MBT in order to claim certificated credits. (Form 4913, Corporate Income Tax (CIT) Quarterly Return and Instructions, Michigan Department of Treasury, June 2012.)
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