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How are penalty/interest charges calculated for failure to file or underpayment of estimated payments?

How are penalty/interest charges calculated for failure to file or underpayment of estimated payments?

Penalty is 25% for failure to file estimated payments or 10% of underpaid tax per quarter.

For exceptions see MCL 205.23(3)

Interest is 1% above the prime rate.

For more information view Penalty and Interest for Underpayment of Estimates (MI-2210)