Michigan Guidance on Bad Debt Deductions

Monday, December 14th, 2015

 
 
Michigan Department of Revenue
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The Michigan Department of Treasury updated its guidance on bad debt deductions for sales and use taxes. The guidance explains what a bad debt is, when it can be deducted on a tax return, who can deduct it, and what the procedure is for claiming a deduction. Also, for bad debts incurred before September 30, 2009, bad debt deductions are only available to retailers. For debts incurred on or after that date, both retailers and third-party lenders can claim bad debt deductions.

http://www.michigan.gov/documents/treasury/RAB_2015-27_Sales_and_Use_Tax_Bad_Debt_Deduction_507682_7.pdf


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Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.

TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

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