The 2008 Michigan Form 4571 (Business Tax Common Credits for Small Businesses)

lbanks — Mon, 15 Mar 2010 11:04:14 GMT

The 2008 Michigan Form 4571 (Business Tax Common Credits for Small Businesses) has been corrected to properly limit the Small Business Alternative Credit where applicable.

- In the 1040 and 1041 systems, affected returns include any return with allocated income over $160,000.

- In the 1120 system, any return with any officer compensation over $160,000 will be affected.

- For the 1065 and 1120S systems, any return with any partner/shareholder compensation over $160,000 and equal to or less than $180,000 will be affected. The 1065 and 1120S systems were properly limiting the credit to zero when partner/shareholder compensation was over $180,000..

Upgrade Michigan in the 2008 software to get the changes. Any affected returns will need to be Amended. Check the box on the MBT General Information input screen to indicate an Amended Return and attach an explanation statement to the return.

Michigan Programming Team

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The 2008 Michigan Form 4571 (Business Tax Common Credits for Small Businesses)