Amendments to the Revenue Act (1941 PA 122)
On Thursday, January 30, 2014, the Governor signed what is now Public Act 3 of 2014. (2014 PA 3) The legislation amended the Revenue Act making monumental changes effecting the administration of Michigan taxes. Changes were made to the time limit to complete an audit and to issue a final assessment, successor liability, officer liability which is now responsible person liability, statute of limitations and refund of tax overpayments.
This is the first of five Blogs discussing 2014 PA 3 with changes noted in red.
Time Limit to Complete an Audit and Final Assessment
(6) For audits commenced after September 30, 2014, the department must complete fieldwork and provide a written preliminary audit determination for any tax period no later than 1 year after the period provided for in section 27a(2) without regard to the extension provided for in section 27a(3). The limitation described in this subsection does not apply to any tax period in which the department and the taxpayer agreed in writing to extend the statute of limitations described in section 27a(2). [MCL 205.21(6)]
(7) For audits commenced after September 30, 2014, unless otherwise agreed to by the department and the taxpayer, the final assessment issued under subsection (2)(f) must be issued within 9 months of the date that the department provided the taxpayer with a written preliminary audit determination unless the taxpayer, for any reason, requests reconsideration of the preliminary audit determination or the taxpayer requests an informal conference under subsection (2)(c). A request for reconsideration by a taxpayer permits, but does not require, the department to delay the issuance of a final assessment under subsection (2)(f). [MCL 205.21(7)]
2014 PA 3 will be discussed in depth at the Michigan Sales and Use Tax seminars scheduled for Livonia and Traverse City.
Register on line at the MACPA website
Michigan Sales and Use Tax (30677 - MSUTLV)
Friday, June 20, 2014
VisTaTech Center Schoolcraft College - Livonia, MI
Michigan Sales and Use Tax (30681 - MSUTTC)
Tuesday, June 24, 2014
Holiday Inn Traverse City - West Bay - Traverse City, MI - Northern