In December 2021, Michigan amended the Income Tax Act to enact a flow-through entity tax. Retroactive to tax years beginning on or after Jan.1, 2021, the law allows eligible entities to make a valid election, and file and pay tax at the entity level giving a deduction against entity taxable income. Owners can claim a refundable tax credit against the flow-through income — providing an opportunity for significant tax savings by deducting state and local taxes normally restricted by threshold limits at the individual level. Watch this on-demand webcast to help you understand the benefits this new law brings to business owners. You’ll gain insight on:

• Key elements of the new law
• Eligible entities
• How to make the election
• Important filing and payment deadlines
• Claiming the credit on the Form MI-1040
• Illustrative examples on how the deduction works

Learning Objectives

• Understand key elements of the new law.
• Recognize the tax benefits to business owners.
• Identify reporting and payment requirements.

CLICK HERE TO WATCH THIS WEBCAST ON-DEMAND.