Filing Requirements 19. The first CIT annual returns could be due before CIT forms are released to the taxpayer public. Will penalties be waived for these first CIT returns if taxpayers make a good-faith guess as to liability?

Because fiscal year taxpayers will be granted an automatic extension for their 2012 fiscal year annual return with an extended due date of April 30, 2013, CIT annual returns will not be due before forms are released in January 2013.

In accordance with the CIT, "interest and penalty provided by this part shall not be assessed ... (a) If the sum of the estimated payments equals at least 85% of the liability and the amount of each estimated payment reasonably approximates the tax liability incurred during the quarter for which the estimated payment was made." MCL 206.681(3)(a). While the Revenue Act also provides for imposition of penalties "if a taxpayer fails or refuses to file a return or pay a tax within the time specified" [MCL 205.24(2)], penalties would not be imposed if the criteria of MCL 206.681 are timely met.