Large Taxpayer Payment Schedule Changed
Public Act 117 of 2012, effective May 2, 2012; Public Act 118 of 2012, effective May 2, 2012 change large taxpay payment schedule. Beginning January 1, 2014, a Michigan taxpayer with sales and use tax liabilities of $720,000 or more in the prior calendar year must remit, by the 20th of the month, an amount equal to 75% of its liability in the immediately preceding month. Also due will be a reconciliation payment equal to the difference between the tax liability determined for the previous month and the amount of tax previously paid for that month. Furthermore, a single payment by electronic funds transfer is permitted for amounts due pursuant to the sales tax and use tax.