2018 MTAP Gear Up 1040 Tax Seminar
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1 2018 MTAP Gear Up 1040 Tax Seminar
2 This handout is provided as part of a presentation and is for illustrative purposes only. The content does not carry the weight of law, bulletins or rulings. Therefore, it should only be used as an aid for viewing, taking notes and future reference based on the material presented. The topics covered, screenshots provided and guidance supplied is subject to change. The most current Treasury information regarding this topic is available at
3 Michigan Treasury Culture of Taxpayer Service Continuous Improvement Engaged Employees Listening and sharing Internal processes Finding solutions
4 TAX TECHNICAL UPDATES Individual Income Tax (IIT)
5 2018 IIT Updates Tax rate 4.25% Personal exemption amount $4,050 Special exemption $2,700 Qualified disabled veteran deduction $ PA 38
6 2018 IIT Updates Pension Subtraction for taxpayers who: were born after have retired as of January 1, receive pension benefits from SSA exempt employment with a governmental agency. Subtraction of pension benefits or standard deduction up to: Single: $35,000 Joint: $55,000 Both spouses qualify: $70,000
7 2018 IIT Updates Pension Taxpayers born in (Tier 2) Tier 2 taxpayers born in eligible for standard deduction against all income. No longer eligible for pension and retirement subtraction. Tier 2 taxpayers born in 1952 still eligible for a pension and retirement subtraction.
8 2018 IIT Updates Homestead Property Tax Credit Maximum credit: $1,500 up from $1,200 Rent percentage for credit calculation: 23% up from 20% Total household resources (THR) limit: $60,000 up from $50,000 THR phase-out begins at: $51,000 up from $41,000 THR percentage for credit computation: 3.2% down from 3.5% no change to THR percentage less than $6,000
9 Tax Cuts and Jobs Act (TCJA) and MI Individual Income Tax Michigan net operating loss (NOL) TCJA only impacts MI NOLs created after Carryback for farming NOLS only (2 years) tax year limited to 80% of taxable income. Carryforward indefinitely until fully exhausted.
10 Tax Cuts and Jobs Act (TCJA) and MI Individual Income Tax Excess Business Loss Limitation (IRC 461) Limits deduction of net business losses for noncorporate taxpayers to 250k / 500k annually. Will impact computation of AGI for individuals. Losses in excess of threshold are carried forward to the following year as an NOL and subject to the post-tcja NOL rules.
11 Tax Cuts and Jobs Act (TCJA) and MI Individual Income Tax 20% Deduction for pass-through income (IRC 199A) Deduction taken after AGI No impact on Michigan MI-1040 Bonus Depreciation (IRC 168(k)) Michigan taxable income starts with AGI. No provisions to adjust bonus depreciation, federal amount allowed.
12 Tax Cuts and Jobs Act (TCJA) and MI Individual Income Tax Repatriation/Transition Tax (IRC 965) To the extent included in AGI, also included in Michigan income subject to tax unless: Allocated or apportion to another state/county. Allocate or apportion based on classification as business or nonbusiness.
13 2018 IIT Updates Forms New Form: MI-461 Michigan Excess Business Loss For taxpayers who exceed the federal business loss limitation: o Single: $250k Joint: $500k Allocates allowed and disallowed federal business loss between Michigan and non-michigan sources. Computes Michigan excess business loss which becomes Michigan NOL carryforward. Follow instructions carefully! Federal and Michigan differences result in reporting issues for MI-1040H, MI-1040D, MI-4797, Schedule NR.
14 2018 IIT Updates Forms MI-1041: Michigan Fiduciary Income Tax Return Eligible for e-file. Two new forms: o MI-1041-V: e-file payment voucher o MI-8453FE: Estate or Trust Declaration for e-file MI-1045: Application for Michigan Net Operating Loss Refund Reformatted; calculation begins with Adjusted Gross Income (AGI). Exploring e-file option. Carryover worksheet available online in early 2019.
15 IIT Helpful Hints Amending MI-1040 Include Schedule AMD Provide reason for amending and supporting documentation. Line 31: Use appropriate +/- for refund or tax paid with original filing. Paper filers: Follow the form s attachment order. Place all supporting documents at the end. Provide all business activity locations See the Business, Rental, Royalty Activity Worksheet
16 New IIT Revenue Administrative Bulletins (RABs)
17 RAB Treatment of Rental Income as Business or Non-business Income Describes the income tax treatment of rental income or loss for individuals. Addresses whether rental income is characterized as business or non-business income.
18 RAB Individual Retirement Arrangements Replaces RAB Discusses the treatment of Individual Retirement Arrangements (IRAs) under the Michigan Income Tax Act.
19 RAB Tax Treatment of Retirement Income from IRC 403(b) Plans Replaces RAB Discusses the tax treatment of contributions to and distributions from an annuity plan created under Internal Revenue Code (IRC) 403(b)
20 RAB Eliminating the Income and Expenses of Producing Oil & Gas Replaces RAB Discusses the elimination of oil and gas income and expenses as it relates to Part 1 of the Michigan Income Tax Act.
21 RAB Deduction of Retirement and Pension Benefits Received from A Public Retirement System of Another State Replaces RAB Discusses tax treatment of retirement and pension benefits received from a public retirement system of another state. Includes effect of the date of birth limitations that began in 2012.
22 Finding RABS and IPDs 1. michigan.gov/taxes 2. Click Reports and Legal 3. Select Revenue Administrative Bulletins or Internal Policy Directives
23 Alternative Dispute Resolution (ADR)
24 Alternative Dispute Resolution 2017 Public Act 215 provides for this new, non-judicial dispute resolution process. Previously, Treasury was unable to compromise taxes before litigation. PA 215 grants Treasury the authority to compromise taxes administered under the Revenue Act through this process.
25 Which taxes are covered? Only disputed matters involving the following taxes may be settled through the Alternative Dispute Resolution process: Corporate Income Tax Equalization Tax Individual Income Tax Sales Tax Severance Tax Single Business Tax Michigan Business Tax Motor Carrier Fuel Tax (IFTA) Motor Fuel Tax Use Tax
26 When may a tax matter be settled? Only after a valid (timely) request for informal conference has been made. But no later than 21 days after the informal conference was held. Collectability/inability to pay tax is not a basis for settlements.
27 How is a settlement offer made? Complete and mail Form 5573, Michigan Alternative Dispute Resolution Settlement Offer to: Michigan Department of Treasury Executive Office Alternative Dispute Resolution P.O. Box Lansing, Michigan (Form available at:
28 For more ADR information michigan.gov/taxes 2. Click Collections, Audits & Appeals 3. Select Hearings and Appeals 4. Click Alternate Dispute Resolution
29 Tax Practitioner Resources 1. michigan.gov/taxes 2. Click Tax Professionals 3. Select Tax Practitioner Web Service
30 Tax Practitioner Resources Practitioner Web Services (Not for Public Use) Submit general and account specific questions regarding Treasury individual or business tax. User Name: Password: practitioner Practitioner Hotline: (Not for Public Use) General questions regarding tax preparation only. Please leave a detailed voice message.
31 Form 151 Authorized Representative Declaration Power of Attorney (POA) 1. michigan.gov/taxes 2. Click Power of Attorney Form 151 under Popular Forms 3. Select Authorized Representative Declaration Video
32 Taxpayer Resources questions option is discontinued but can check refund, access tax information and ask a tax question: 1. michigan.gov/taxes 2. Click Individual Income Tax 3. Select Check Your Refund Status 4. Select a self-service option The following information is required: Social Security Number Tax Year Filing Status AGI or THR
33
34 Contact Treasury Individual Income Tax Business Taxes e.g.: Sales, Use, Withholding, Corporate Income Tax, Michigan Business Tax Motor Fuel Tax Motor Carrier Tax Tobacco and Cigarette Taxes Office of Collections Detroit City Taxes Need More Guidance? Tax Text Manual Taxpayer Assistance Manual
35 Q&A with Treasury
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