Scammers are contacting taxpayers while pretending to be from the Michigan Department of Treasury, using out‑of‑state phone numbers. They may request payments or attempt to trick you into providing your bank account information. Always verify the source before sharing any personal or financial details.
How are penalty and interest charges calculated for failure to file estimated payments or underpayment of estimated payments?
How are penalty and interest charges calculated for failure to file estimated payments 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)