LANSING — The Michigan Department of Treasury announced this week that business taxpayers who have deferred paying their Sales, Use and Withholding (SUW) taxes due to the COVID-19 pandemic can now participate in an installment payment option to satisfy their outstanding tax balance.

The state’s Treasury Department is now allowing business taxpayers scheduled to make SUW tax payments for the February, March, April and May tax periods on June 20 to either pay their outstanding balance in its entirety or pay their outstanding balance in monthly payments over the next six months. Penalties and interest will be waived on those deferred payments. This new rule applies to quarterly filers.

To take advantage of the installment payment option, monthly filers should submit their outstanding returns for February, March, April and May tax periods by June 20, to establish their installment balance. Taxpayers can then make six monthly payments on that balance from June to November.

Quarterly filers should submit their outstanding first quarter return by June 20, to establish their installment balance. Taxpayers can then make three payments on that balance in June, September and November.

For the SUW tax deadline in July and deadlines through the remainder of the year, businesses must file their monthly or quarterly returns and submit their payments as normally scheduled, the Treasury said.

To ensure accurate reporting of the payments, each installment payment must be submitted separately from any tax payment otherwise due in that tax period. Businesses do not need to contact or submit any documentation to the state Treasury Department to participate in the installment plan.

Businesses with questions should inquire through self-service options using Michigan Treasury Online or go to www.michigan.gov/askSUW. To learn more about Michigan’s taxes, go to www.michigan.gov/taxes or follow the state Treasury Department on Twitter at @MITreasury.