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 fifth of five Blogs discussing 2014 PA 3 with changes noted in red.
Refund of Tax Overpayments
(2) A taxpayer who paid a tax that the taxpayer claims is not due may petition the department for refund of the amount paid within the time period specified as the statute of limitations in section 27a. If a tax return reflects an overpayment or credits in excess of the tax, the declaration of that fact on the return constitutes a claim for refund. If the department agrees the claim is valid, the amount of overpayment, penalties, and interest shall be first applied to any known liability as provided in section 30a, and the excess, if any, shall be refunded to the taxpayer or credited, at the taxpayer’s request, against any current or subsequent tax liability. Claims for refunds, other than those made under part 1 of the income tax act of 1967, 1967 PA 281, MCL 206.1 to 206.532, that have not been approved, denied, or adjusted within 1 year of the date received may be treated as denied at the election of the taxpayer, and may be appealed by the taxpayer in accordance with section 22. [MCL 205.30(2)]
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