Michigan Annual Report Penalty Waiver is a type of relief from late filing fees issued by the Michigan Department of Treasury for businesses that have not filed their Annual Report on time. The penalty waiver program is available to businesses who have not filed their annual reports for the current or previous year and owe the state a late filing fee. There are two types of Michigan Annual Report Penalty Waiver: an extension waiver and a one-time waiver. The extension waiver allows businesses to extend their filing deadline up to six months and the one-time waiver allows businesses to waive the late filing fee once. In order to qualify for either of these waivers, the business must meet certain criteria and submit an application to the Michigan Department of Treasury.