SALT Report 1602 – The Michigan Department of Treasury made changes to the way businesses will be required to make their accelerated tax payments. This affects all retailers with sales and use tax liabilities of $720,000 or more in the previous calendar year who are required to file and remit monthly.
Beginning January 1, 2014, 75% of the sales tax liability from the preceding month will be due on the 20th day of the month. Additionally, a reconciliation payment equal to the difference between the tax liability from the previous month and the amount of tax previously paid for that month will be due. All businesses are required to file an annual return each year.
All businesses are still required to file an annual return each year.
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