VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
At the end of 2021, the State of Michigan amended the Income Tax Act to create a flow-through entity tax. As a result, S corporations and most partnerships can now elect to pay income tax at the entity level. Further benefits of the new election include:
If your business decided to reap the benefits of this election and is a calendar-year taxpayer, the second quarter estimate is coming due on June 15. Be sure to make this payment via the Michigan Treasury Online to avoid any penalties. For more information on payment, read the Instructions for Electing Into and Paying Flow-Through Entity Tax.
Doeren Mayhew’s tax professionals recommend paying your estimate at least one business day before the June 15 deadline to ensure it is processed on time. If you have questions about calculating and paying the upcoming estimate, contact us today.
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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