There is a 10% late filing penalty assessed on all returns not postmarked by March 1.
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Taxpayers must complete a Business Classification Information (BCI) sheet (not online) explaining the process and nature of your business activities. Process flow charts, pictures and site visits may also be used for a determination.
Any assets used directly in the manufacturing process, or used in connection with machinery that is directly used, will be filed as M&T.
Machinery and tools may be reported as "Idle and Unused" if:
The filing deadline for Machinery and Tools is March 1.