Note: Prepaid Sales Tax on gasoline or diesel fuel are no longer allowable deductions from gross sales. This is now a schedule to be e-filed in connection with your 5080 or 5092 through MTO. Sales, Use and Withholding Amended Annual Returnįuel Supplier and Wholesaler Prepaid Sales Tax Schedule Sales, Use and Withholding Taxes Annual Return Sales, Use and Withholding Taxes Amended Monthly/Quarterly Return Sales, Use and Withholding Taxes Monthly/Quarterly Return Table 3: TAX RETURN FORM NUMBER BY TAX YEAR Thus, a reconciliation payment of $475,000 is due by Febru($1,225,000 minus $750,000 prepayment). Therefore, a $750,000 prepayment (75% of $1,000,000) is due on January 20, 2016. After month end the business determines that January 2016 tax liability totals $1,225,000. The taxpayer elects to calculate the January 2016 prepayment according to the December 2015 tax liability because it is the lesser amount. Taxpayers who average ≥ $720,000 of sales or use tax annually are required to remit both taxes on an accelerated schedule. Taxpayers are notified in writing of a change to/from accelerated filing. Accelerated filers are required to remit electronically.Ī prepayment transmission of 75 percent of the taxpayer's tax liability from the current year, immediately preceding month or the same period, last year (whichever is less) is due on or before the 20th day of the current month.Ī reconciliation payment, equal to the difference between the actual tax liability and the prepayment amount is due on or before the 20 th day of the subsequent month.įor example - hypothetical January 2016 tax period:ĭecember 2015 tax liability totaled $1,000,000. Sales/Use Accelerated Electronic Funds Transfer (EFT)Įffective January 1, 2014, Public Act 458 of 2012 On or before the 20th day of the month following the quarter end.ĭue February 28 th of the year following the tax year reported. On or before the 20th day of the following month Table 2: FILING FREQUENCIES AND DUE DATES Monthly FAQs for Filing Requirements and Filing Deadlines Filing Frequency Credit is given for tax paid to another state. Use tax is also applied to certain services such as telecommunications and hotel/motel accommodations. Michigan does not allow city or local units to impose use tax. Use tax of 6% must be paid to the State of Michigan on the total price (including shipping and handling charges) of all taxable items brought into Michigan or purchases through the internet, by mail or by phone from out-of-state retailers that do not collect and remit sales or use tax from their customers. Michigan does not allow city or local units to impose sales tax. Individuals or businesses that sell tangible personal property to the final consumer are required to remit a 6% sales tax on the total price (including shipping and handling charges) of their taxable retail sales to the State of Michigan. Sales of electricity, natural or artificial gas and home heating fuels for residential use are taxed at a 4% rate. Sales and Use Tax FAQs FAQs for Sales and Use Tax Sales Tax
0 kommentar(er)
