Doeren Mayhew hosted the complimentary webinar – New Michigan Flow-Through Entity Tax: Putting It To Work For You – on Feb. 17, 2022.
About the event
In December 2021, Michigan amended the Income Tax Act to enact a flow-through entity tax. Retroactive to tax years beginning on or after Jan. 1, 2021, the law allows eligible entities to make a valid election, and file and pay tax at the entity level giving a deduction against entity taxable income. Owners can claim a refundable tax credit against the flow-through income — providing an opportunity for significant tax savings by deducting state and local taxes normally restricted by threshold limits at the individual level.
Hosted by our colleagues at Doeren Mayhew, this complimentary webinar will help you understand the benefits this new law brings to business owners.
You’ll gain insight on:
- Key elements of the law
- Eligible entities
- How to make the election
- Important filing and payment deadlines
- Claiming the credit on Form MI-1040
- Illustrative examples on how the deduction works