Michigan Tax Amnesty Program Now Available!
Michigan is offering a tax amnesty program for the period May 15, 2011 through June 30, 2011.
The amnesty program covers:
- Unreported liabilities
- Non-reported liabilities
- Overstated deductions
- Michigan taxes for the periods ending on or before December 31, 2009
Taxpayers who qualify for the program will benefit by avoiding civil and criminal penalties. In order to participate in the program, taxpayers need to complete an application, file all required returns/amended returns, and pay taxes and interest due on the liability.
For more information and to view frequently asked questions, visit www.michigan.gov/treasury. This website provides a complete list of the taxes covered under the program.
This is a good opportunity to review your filings. One of the common items taxpayers miss is reporting use tax liability. When an item is purchased from an out of state vendor for use by an individual or business, unless an exemption applies, the purchase is subject to 6% use tax. Use tax is the companion tax to the sales tax. This is a hot audit area for the State, so it's a great time to look at your purchases to see if you're compliant. The time frame is tight, so if you think you might want to take advantage of this program, you should begin gathering the information immediately!
