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  1. Jan 23, 2020 · Update for Michigan Gross Receipts Tax: As of May 25, 2011 Michigan repealed the Michigan Business Tax (MBT) and replaced it with the Michigan Corporate Income Tax (CIT). The CIT is a 6% corporate income tax that affects C corporations and those taxpayers that are taxed as a corporation on the federal level.

  2. Tax on Joint Return Exceeds Tax on Separate Returns: 18530: 6013(b)(5) Tax on a joint return exceeds tax shown on separate returns, due to negligence or intentional disregard of rules, or fraud. In lieu of penalties provided by Section 19164(a) and (b). 20% of total amount of excess if attributable to negligence/intentional disregard of rules.

  3. Oct 14, 2021 · The Unitary Business Principle and Combined Returns: The Division in TB-93 explains the unitary business principle and the definition of a unitary business for NJ Corporation Business Tax purposes. The Department provides examples and explains that a unitary business is characterized with “significant flows of value evidenced by functional ...

  4. • Pays less than 0.5% of its total premiums for the tax year in tax under IRC section 297I or a comparable tax of another state, OR • Receives less than 50% of its gross receipts in the tax year from premiums. Disqualified captive insurance companies are required to file a corporate franchise tax return as part of the Minnesota combined group.

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