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What is the pass through entity tax rate in Michigan?
Notice: 4.25% Tax Rate for Flow-Through Entity Tax Years Beginning in 2024. The Michigan Flow-through Entity Tax (FTE tax) is levied under Part 4 of the Income Tax Act, MCL 206.801 et seq., and is imposed, at the same rate levied and imposed under section 51 for that same tax year. See MCL 206.51.
What are the changes to FTE in Michigan?
Under the new rules, FTEs must now report to members their share of tax imposed and paid on or before the due date for filing the FTE tax return, including extensions. Members may now claim credits for amounts the FTE paid through the extended due date on their income tax returns for the applicable tax year.
What is the Michigan FTE form 5774?
The FTE annual return filing includes Schedule for Reporting Member Information for a Flow-Through Entity (Form 5774). Part 2 of that form reports individuals, fiduciaries, and other flow-through entities and their respective shares of the tax (credit).
What is a flow-through entity for tax purposes?
A flow-through entity is a business in which income is passed straight to its shareholders, owners, or investors. As a result, only the individuals, not the business, are taxed on the revenue thereby avoiding double taxation.
How do I elect Michigan flow-through entity tax?
To make an election, payment must be made by March 15, 2024, via the taxpayers Michigan Treasury Online (MTO) account in the form of a payment of any amount towards the 2024 tax year. The 2023 FTE annual tax return is due March 31, 2024, for those calendar year taxpayers.
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Effective January 1, 2021, the Michigan flow-through entity (FTE) tax is levied on certain electing entities with business activity in Michigan. The Michigan FTE tax: is elected and levied on the Michigan portion of the positive business income tax base of a flow-through entity.
What is the FTE tax in Michigan?
As many taxpayers are aware, the state of Michigan enacted the Flow-Through Entity (FTE) Tax effective for the tax years beginning January 1, 2021, allowing entities classified as an S corporation or a partnership, for federal tax purposes, to elect to pay Michigan income tax at the entity level.
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Steps to Complete your Michigan Tax Returns
If you paid income tax to a governmental unit outside of Michigan, see instructions for. MI-1040, line 18. Flow-Through Withholding. Complete Table 3 and report.
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