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Contact Information:
Edward S. Kisscorni, CPA
290 Suncrest Court, SW
Grandville, MI 49418

Office: 616/233-0667
Cell: 616/443-6730
Fax: 616/233-0667




Thursday, June 07 2012

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.

Posted by: Ed Kisscorni AT 11:46 am   |  Permalink   |  Email


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