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VIEWpoint Issue 1 | 2023
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On Dec. 20, 2021, Michigan enacted a law that allows S corporations and most partnerships to pay income tax at the entity level.
Here are the benefits of this law:
If you want the benefit of this election for the 2021 tax year and you’re a calendar-year cash-basis entity, you must make an electronic payment by Dec. 31, 2021. This payment confirms your election to pay income tax at the entity level.
Payments must be submitted through Michigan Treasury Online. Michigan is currently developing the online payment functionality and expects to have an option available by Dec. 29, 2021.
Please contact your Doeren Mayhew professional if you’d like to make this election and calculate your payment.
Please contact your Doeren Mayhew professional if you have any questions about this law. We can help you understand whether this election is right for your business, determine if you qualify, and calculate the payment you may need to make by Dec. 31, 2021.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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