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The Michigan 5092 form serves as an essential document for businesses needing to amend their Sales, Use, and Withholding Taxes for a given monthly or quarterly period. Issued by the Michigan Department of Treasury, this form is utilized under the authority of specific public acts and provides taxpayers with a structured way to correct previously submitted tax returns. Key components of the form include sections for detailing the taxpayer's business name and account number, the tax type being amended, and the return period ending date. Taxpayers must also indicate the reason for amending the return, selecting from a predefined list of codes that address various scenarios such as increasing or decreasing tax liability, or correcting previously reported information. The form is divided into several parts: the first part focuses on sales and use tax, requiring gross sales figures and calculations for total tax due; the second part addresses use tax on items purchased; the third part details withholding tax; and the final part summarizes the total tax or payment due. Each section prompts the taxpayer to input specific financial figures, ensuring a comprehensive overview of their tax obligations. Completing the Michigan 5092 form accurately is crucial, as any errors may lead to penalties and interest charges on unpaid taxes.

Sample - Michigan 5092 Form

Michigan Department of Treasury 5092 (08-14)

2015 Sales, Use and Withholding Taxes Amended Monthly/Quarterly Return

Issued under authority of Public Acts 167 of 1933 and 94 of 1937, as amended.

Taxpayer’s Business Name

 

 

 

 

 

Business Account Number (FEIN or TR Number)

 

 

 

 

 

 

 

 

 

Tax type being amended

 

 

 

 

 

Return Period Ending (MM-YYYY)

 

 

 

 

 

 

 

 

 

 

 

Sales Tax

 

Use: Sales and Rentals

 

Withholding Tax

 

Use Tax on Purchases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reason Code for Amending Return (See Instr.)

If other, provide explanation

PART 1: SAlES AnD USE TAx

1. Gross sales, rentals and services

1a.

CORRECTED

Sales

1b.

CORRECTED

Use: Sales and Rentals

2.Total sales and/or use tax. Taxable amount multiplied

by 6% (0.06) ..................................................................................

3.Total pre-paid tax from Form 5083, 5085 or 5086

(e-ile only).....................................................................................

4.Remaining amount of sales and use tax eligible for discount. Subtract line 3 from line 2..............................................................

5.Total of allowable discounts. Multiply line 4 by your applicable discount rate..................................................................................

6.Total sales and use tax due. Subtract line 5 from line 4 .............

2a.

3a.

4a.

5a.

6a.

A. Sales Tax

XXXXXXX

2b.

3b.

4b.

5b.

6b.

B. Use Tax

XXXXXXX

PART 2: USE TAx On ITEMS PURChASED fOR BUSInESS OR PERSOnAl USE

7. Total amount of use tax from purchases and withdrawals from inventory. Multiply taxable amount

 

by 6% (0.06)

7.

PART 3: WIThhOlDIng TAx

8. Total amount of Michigan income tax withheld

8.

PART 4: TOTAl TAx/PAyMEnT DUE

9.

Amount of sales, use and withholding tax due. Add lines 6a, 6b, 7 and 8. If amount is negative, this is the

 

 

amount available for future tax periods (skip lines 10-14)

9.

10.

Total amount applied for this return period including overpayments available from previous periods or

 

 

amount previously paid for this return period

10.

11.

Amount of tax due. Subtract line 10 from line 9. If line 10 is greater than line 9, this is the amount

 

 

available for future tax periods (skip lines 12-14)

11.

12.

Penalty paid with this return (for late iling)

12.

13.

Interest paid with this return (for late iling)

13.

14.

TOTAl PAyMEnT DUE. Add lines 11, 12 and 13

14.

TAxPAyER CERTIfICATIOn: I declare under penalty of perjury that this return is true and complete to the best of my knowledge.

Signature of Taxpayer or Oficial Representative (must be Owner, Oficer, Member, Manager, or Partner)

Printed Name

Title

Date

Make check payable to “State of Michigan” and include your account number on your check.

Send your return and any payment due to: Michigan Department of Treasury, P.O. Box 30324, Lansing, MI 48909-7824

+ 0000 2015 88 01 27 5

Instructions for Sales, Use and Withholding Taxes Amended Monthly/Quarterly Return (form 5092)

NOTE: You must use Form 165 to amend tax years prior to 2015.

Form 5092 is used to amend monthly/quarterly periods in the current year. Complete the return with the corrected figures. Check the box for each tax type you are amending and provide the amended reason code located in the instructions. If the reason code is “Other,” write an explanation for the amendment.

IMPORTANT: This is a return for Sales Tax, Use Tax, and/ or Withholding Tax. If the taxpayer inserts a zero on (or leaves blank) any line for reporting Sales Tax, Use Tax, or Withholding Tax, the taxpayer is certifying that no tax is owed for that tax type. If it is determined that tax is owed, the taxpayer will be liable for the deficiency as well as penalty and interest.

Reason code for amending return: Using the table below, select the two-digit code that best represents the reason for amending the return. Enter the code in the appropriate field in the taxpayer information at the top of page 1.

01Increasing tax liability

02Decreasing tax liability

03Incorrect information/igures reported on original return

04Original return was missing information/incomplete

05Claiming previously unclaimed pre-paid sales tax

06Dispute an adjustment

07Tax Exempt

08Other

PART 1: SAlES AnD USE TAx

Line 1a: Total gross sales for tax period being reported. Enter the total of your Michigan sales of tangible personal property including cash, credit and installment transactions and any costs incurred before ownership of the property is transferred to the buyer (including shipping, handling, and delivery charges).

Line 1b: This line is used to report the following:

•Out-of-state retailers who do not have retail stores in Michigan: Enter total sales of tangible personal property including cash, credit, and installment transactions.

•Lessors of tangible personal property: Enter amount of total rental receipts.

•Persons providing accommodations: This would include but not limited to hotel, motel, and vacation home rentals. This also includes assessments imposed under the Convention and Tourism Act, the Convention Facility Development Act, the Regional Tourism Marketing Act, the Community Convention or Tourism Marketing Act.

•Telecommunications Services: Enter gross income from telecommunications services.

Line 2a: Total sales tax. Negative figures are not allowed or valid.

Line 2b: Total use tax. Negative figures not allowed or valid.

Line 5: Enter total allowable discounts. Discounts apply only to 2/3 (0.6667) of the sales and/or use tax collected at the 6 percent tax rate. See below to calculate your discount based on filing frequency:

Monthly Filer

•If the tax is less than $9, calculate the discount by multiplying the tax by 2/3 (.6667).

•Enter $6 if tax is $9 to $1,200 and paid by the 12th, or $9 to $1,800 and paid by the 20th .

•If the tax is more than $1,200 and paid by the 12th,

calculate discount using this formula: (Tax x .6667 x .0075). The maximum discount is $20,000 for the tax period.

•If the tax is more than $1,800 and paid by the 20th,

calculate discount using this formula: (Tax x .6667 x .005). The maximum discount is $15,000 for the tax period.

Quarterly Filer

•If the tax is less than $27, calculate the discount by multiplying the tax by 2/3 (.6667)

•Enter $18 if tax is $27 to $3,600 and paid by the 12th, or $27 to $5,400 and paid by the 20th.

•If the tax is more than $3,600 and paid by the 12th,

calculate discount using this formula: (Tax x .6667 x .0075). The maximum discount is $20,000 for the tax period.

•If the tax is more than $5,400 and paid by the 20th,

calculate discount using this formula: (Tax x .6667 x .005). The maximum discount is $15,000 for the tax period.

Accelerated Filer

•If the tax is paid by the 12th, calculate discount using this formula: (Tax x .6667 x .0075).

•If the tax is paid by the 20th, calculate discount using this formula: (Tax x .6667 x .005).

PART 2: USE TAx On ITEMS PURChASED fOR BUSInESS OR PERSOnAl USE

Line 7: To determine your use tax due from purchases and withdrawals, multiply the total amount of your inventory value by 6% (0.06) and enter here.

PART 3: WIThhOlDIng TAx

Line 8: Enter the total Michigan income tax withheld for the tax period.

PART 4: TOTAl TAx/PAyMEnT DUE

Line 9: If amount is negative, this is the amount available for

future tax periods (skip lines 10-14).

Line 10: Enter any payments you submitted for this period, enter any payments for this period including any overpayments available from previous periods. If you are using an overpayment from a previous period only enter the amount needed to pay the total liability for this return. In the event an overpayment still exists declare it on the next return you file with a liability. (Liability minus overpayments/prior payment for this period must be greater than or equal to zero).

how to Compute Penalty and Interest

If your return is filed with additional tax due, include penalty and interest with your payment. Penalty is 5% of the tax due and increases by an additional 5% per month or fraction thereof, after the second month, to a maximum of 25%. Interest is charged daily using the average prime rate, plus 1 percent.

Refer to www.michigan.gov/taxes for current interest rate information or help in calculating late payment fees.

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Form Information

Fact Name Description
Form Purpose The Michigan 5092 form is used to amend Sales, Use, and Withholding Taxes for monthly or quarterly periods.
Governing Laws This form is issued under the authority of Public Acts 167 of 1933 and 94 of 1937, as amended.
Tax Types It allows taxpayers to amend Sales Tax, Use Tax, and Withholding Tax amounts.
Amendment Reasons Taxpayers must provide a reason code for amending the return, with options ranging from increasing tax liability to claiming tax exemptions.
Discount Eligibility Taxpayers may qualify for discounts based on their filing frequency and the amount of tax due.
Signature Requirement A signature from the taxpayer or an official representative is required, confirming the return's accuracy under penalty of perjury.
Filing Frequency Form 5092 is specifically for use in the current tax year and cannot be used for prior years; Form 165 is required for those amendments.
Payment Instructions Payments must be made payable to the "State of Michigan," and the taxpayer's account number should be included on the check.
Late Filing Penalties If filed late, penalties and interest may apply, calculated based on the amount due and the time elapsed since the due date.

Detailed Guide for Filling Out Michigan 5092

Filling out the Michigan 5092 form requires careful attention to detail to ensure accuracy. This form is used to amend previously submitted tax returns related to sales, use, and withholding taxes. After completing the form, it must be submitted to the Michigan Department of Treasury along with any payment due.

  1. Obtain the Michigan 5092 form from the Michigan Department of Treasury website or your local tax office.
  2. At the top of the form, enter the Taxpayer’s Business Name.
  3. Provide the Business Account Number (either FEIN or TR Number).
  4. Select the Tax type being amended by checking the appropriate box for Sales Tax, Use Tax, or Withholding Tax.
  5. Fill in the Return Period Ending date in the format MM-YYYY.
  6. Indicate the Reason Code for Amending Return by selecting the appropriate two-digit code from the provided list. If using "Other," provide an explanation.
  7. In Part 1, enter the Gross sales, rentals, and services in line 1.
  8. For line 1a, enter the CORRECTED Sales amount.
  9. For line 1b, enter the CORRECTED Use amount.
  10. Calculate the Total sales and/or use tax in line 2 by multiplying the taxable amount by 6% (0.06).
  11. Enter any Total pre-paid tax from Form 5083, 5085, or 5086 in line 3.
  12. Determine the Remaining amount of sales and use tax eligible for discount by subtracting line 3 from line 2 and enter it in line 4.
  13. Calculate the Total of allowable discounts in line 5 by multiplying line 4 by the applicable discount rate.
  14. In line 6, calculate the Total sales and use tax due by subtracting line 5 from line 4.
  15. Complete the same calculations for Use Tax in Part 1, entering the necessary figures in the corresponding lines.
  16. In Part 2, enter the Total amount of use tax from purchases in line 7.
  17. In Part 3, report the Total amount of Michigan income tax withheld in line 8.
  18. In Part 4, calculate the Amount of sales, use, and withholding tax due in line 9 by adding lines 6a, 6b, 7, and 8.
  19. Enter any payments applied for this return period in line 10.
  20. In line 11, determine the Amount of tax due by subtracting line 10 from line 9.
  21. If applicable, enter any Penalty paid in line 12 and Interest paid in line 13.
  22. Calculate the TOTAL PAYMENT DUE in line 14 by adding lines 11, 12, and 13.
  23. Sign and date the form in the TAXPAYER CERTIFICATION section.
  24. Make a check payable to “State of Michigan” and include your account number on the check.
  25. Send the completed form and any payment due to the Michigan Department of Treasury at the specified address.

Obtain Answers on Michigan 5092

  1. What is the Michigan 5092 form used for?

    The Michigan 5092 form is utilized to amend previously filed Sales, Use, and Withholding Taxes for monthly or quarterly periods within the current year. It allows taxpayers to correct errors or make adjustments to their tax liabilities.

  2. Who needs to file the Michigan 5092 form?

    Any business or individual who has previously submitted a Sales, Use, or Withholding Tax return and needs to make corrections must file this form. This includes those who have found errors in their reported figures or wish to claim previously unclaimed pre-paid sales tax.

  3. How do I fill out the Michigan 5092 form?

    Begin by entering your business name and account number. Specify the tax type being amended and the return period ending date. Fill out the sections for Sales and Use Tax, Use Tax on items purchased, and Withholding Tax. Ensure that you provide corrected figures and check the appropriate boxes for the tax types you are amending.

  4. What are the reason codes for amending a return?

    When completing the form, you must select a two-digit reason code that best describes your amendment. The options include:

    • 01 - Increasing tax liability
    • 02 - Decreasing tax liability
    • 03 - Incorrect information reported
    • 04 - Missing information on the original return
    • 05 - Claiming unclaimed pre-paid sales tax
    • 06 - Dispute an adjustment
    • 07 - Tax Exempt
    • 08 - Other (explain)
  5. What happens if I leave a line blank or enter zero?

    If you leave a line blank or enter zero for any tax type, you are certifying that no tax is owed for that type. If it is later determined that tax is due, you may be held responsible for the deficiency, including any applicable penalties and interest.

  6. What are the penalties for late filing?

    Late filing incurs a penalty of 5% of the tax due. This penalty increases by an additional 5% for each month or fraction thereof after the second month, capping at a maximum of 25%. Additionally, interest is charged daily based on the average prime rate plus 1 percent.

  7. Where do I send the completed Michigan 5092 form?

    Once completed, the form and any payment due should be sent to the Michigan Department of Treasury at P.O. Box 30324, Lansing, MI 48909-7824. Ensure that your check is made payable to the “State of Michigan” and includes your account number.

Common mistakes

Completing the Michigan 5092 form can be challenging, and several common mistakes can lead to complications. One frequent error is neglecting to provide the correct business account number. This number is essential for identifying the taxpayer's account and ensuring that the return is processed accurately. If it is missing or incorrect, it can delay processing and lead to potential penalties.

Another common mistake involves failing to accurately report the gross sales, rentals, and services on line 1. Taxpayers should include all relevant income, including cash, credit, and installment transactions. Omitting any amounts can result in an underreporting of tax liability, which may trigger penalties and interest.

Some individuals also mistakenly leave lines blank or insert a zero on any line for reporting Sales Tax, Use Tax, or Withholding Tax. By doing so, they inadvertently certify that no tax is owed for that tax type. If it is later determined that tax is due, the taxpayer may face significant penalties.

Additionally, choosing the wrong reason code for amending the return can create confusion. Taxpayers must select the code that accurately reflects their reason for amending the return. Failing to do so can lead to misunderstandings and potential delays in processing.

Many taxpayers overlook the importance of calculating the total sales and use tax correctly. This amount must be derived from the taxable amount multiplied by the correct tax rate. Errors in this calculation can lead to incorrect tax liabilities being reported.

Another mistake occurs when taxpayers do not include any allowable discounts on line 5. Discounts can significantly reduce the total tax due, and failing to account for them can result in overpayment. Understanding the discount calculations based on filing frequency is crucial to ensure accuracy.

In some cases, individuals may forget to sign the form or provide the printed name and title of the taxpayer or official representative. This step is essential for validating the return. An unsigned return may be considered incomplete and could be rejected.

Finally, sending the form and payment to the wrong address can cause delays. Taxpayers should ensure that they are sending their return and any payment to the correct location, which is specified in the instructions. Taking the time to double-check these details can help avoid unnecessary complications.

Documents used along the form

The Michigan 5092 form is essential for amending sales, use, and withholding tax returns. It is often accompanied by other forms and documents that help clarify or support the information provided. Below is a list of commonly used forms that you may need to consider when filing the Michigan 5092.

  • Form 5083: This form is used for reporting sales and use tax. It helps taxpayers report the total sales tax collected during a specific period.
  • Form 5085: This document is for claiming a credit for prepaid sales tax. It allows businesses to recover sales tax previously paid on purchases.
  • Form 5086: Similar to Form 5085, this form is used for electronic filing to report sales and use tax. It streamlines the process for businesses that file online.
  • Form 165: This is the form to amend tax years prior to 2015. If you need to make changes to older tax returns, this is the form to use.
  • Form 1040: This is the standard individual income tax return form. It may be necessary if you are also reporting personal income taxes along with your business taxes.
  • Form W-2: This form reports wages paid to employees and the taxes withheld. It is crucial for businesses with employees to file this form annually.
  • Form 1099: Used to report various types of income other than wages, salaries, and tips. This form is important for independent contractors and freelancers.
  • Form 941: This is the Employer's Quarterly Federal Tax Return. It reports income taxes, Social Security tax, and Medicare tax withheld from employee paychecks.
  • Form 1120: This form is for corporations to report their income, gains, losses, deductions, and credits. It is necessary for corporate tax filings.
  • Form 990: Nonprofit organizations use this form to report their financial information to the IRS. It ensures transparency and accountability for tax-exempt entities.

When preparing your tax documents, ensure that you have all necessary forms ready. This will help you file accurately and on time, reducing the risk of penalties or interest charges. Stay organized and proactive in your tax management to avoid complications.

Similar forms

  • Form 1040X (Amended U.S. Individual Income Tax Return): Like the Michigan 5092, this form allows taxpayers to amend their previously filed federal income tax returns. Both documents require the taxpayer to provide corrected figures and a reason for the amendment.
  • Form 941-X (Adjusted Employer's QUARTERLY Federal Tax Return or Claim for Refund): This form is similar in that it allows employers to amend previously filed quarterly tax returns for federal payroll taxes. Both forms require an explanation for the changes made.
  • Form 1065 (U.S. Return of Partnership Income): When partnerships need to amend their tax returns, they use this form. Similar to the Michigan 5092, it requires accurate reporting of income and tax liabilities, along with a signature from an authorized representative.
  • Form 1120X (Amended U.S. Corporation Income Tax Return): This form is used by corporations to amend their previously filed corporate tax returns. Like the Michigan 5092, it requires corrected figures and a reason for the amendment.
  • Form 8862 (Information to Claim Earned Income Credit After Disallowance): This form allows taxpayers to claim the Earned Income Credit after it has been disallowed in a previous year. Similar to the Michigan 5092, it involves providing information to rectify past tax filings.
  • Form 843 (Claim for Refund and Request for Abatement): This form is used to request a refund for various types of taxes. Like the Michigan 5092, it allows taxpayers to correct errors and seek a refund for overpaid taxes.

Dos and Don'ts

When filling out the Michigan 5092 form, it is crucial to approach the task with care and attention to detail. Here are four important do's and don'ts to keep in mind:

  • Do ensure that all information is accurate and complete. Double-check figures and details before submission.
  • Do select the correct reason code for amending your return. This helps in processing your amendment efficiently.
  • Don't leave any fields blank unless you are certifying that no tax is owed. Leaving fields empty can lead to penalties.
  • Don't forget to sign and date the form. An unsigned form may be rejected, causing delays in processing your return.

By following these guidelines, you can help ensure that your submission is processed smoothly and avoid potential issues down the line.

Misconceptions

Understanding the Michigan 5092 form can be challenging, and there are several misconceptions that can lead to confusion. Here are six common misunderstandings about this form:

  • Only businesses need to file the 5092 form. Many individuals who have income subject to withholding tax or who make taxable purchases must also file this form, not just businesses.
  • The 5092 form can only be used for current year amendments. While it is true that this form is for amending monthly or quarterly periods in the current year, it cannot be used for tax years prior to 2015. For those years, a different form is required.
  • Zero entries mean no tax is owed. When you enter a zero or leave a line blank for any tax type, you are certifying that no tax is owed for that category. If it turns out that tax is owed, penalties and interest may apply.
  • Discounts are automatically applied. Taxpayers must calculate their discounts based on specific criteria. It is essential to follow the instructions for discounts carefully to avoid missing out on potential savings.
  • Amendments can be made without explanation. If you select "Other" as your reason for amending the return, you must provide a clear explanation. Failing to do so can lead to processing delays.
  • Filing late incurs only a flat penalty. The penalty for late filing is not just a one-time fee. It increases by 5% for each month the return is late, up to a maximum of 25%. Additionally, interest is charged daily, which can add up quickly.

Being aware of these misconceptions can help ensure that your filing process goes smoothly and that you remain compliant with tax regulations. Always double-check the instructions and consider consulting a tax professional if you have questions.

Key takeaways

The Michigan 5092 form is essential for amending Sales, Use, and Withholding Taxes for monthly or quarterly periods. Below are key takeaways regarding its use:

  • Purpose: This form is specifically designed to amend previously filed returns for Sales Tax, Use Tax, and Withholding Tax within the current tax year.
  • Eligibility: Use Form 5092 only for tax periods in the year 2015 and onwards. For earlier years, Form 165 is required.
  • Correct Figures: Ensure that the form is filled out with corrected figures. Accurate reporting is crucial to avoid penalties.
  • Amendment Codes: Select a reason code for amending the return from the provided list. If using "Other," include a brief explanation.
  • Zero Reporting: If any tax type is reported as zero or left blank, it certifies that no tax is owed. Misreporting may lead to liability for deficiencies.
  • Sales and Use Tax Calculation: Calculate total sales and/or use tax by multiplying the taxable amount by 6% (0.06).
  • Discounts: Discounts are available based on the amount of tax due and the filing frequency. Ensure to apply the correct formula for your situation.
  • Payment Submission: Make checks payable to "State of Michigan" and include the account number. Mail the return and payment to the designated address.
  • Late Filing Penalties: Penalties for late filing start at 5% of the tax due and increase monthly, up to a maximum of 25%. Interest is charged daily.
  • Certification Requirement: The taxpayer or an authorized representative must sign the form, declaring its accuracy under penalty of perjury.