Seven Weeks Left for Tax Amnesty in Maryland!

Via recent legislation, and in an effort to raise revenues, the State of Maryland is offering tax amnesty for submissions made between September 1 and October 30, 2009. All civil penalties and one-half of accrued interest will be waived. For taxpayers who are behind with their Maryland taxes, this is a no-brainer.

Who is an eligible taxpayer? Most taxpayers will be able to take advantage of the Amnesty Program. The Amnesty Program will not apply to: (a) previously assessed fraud penalties; (b) any company with more than 500 employees in the United States as of September 1, 2009, either independently or part of a corporate group; (c) taxes for which a taxpayer received amnesty under the 2001 Maryland amnesty program; and (d) any taxpayer that was eligible for the Delaware Holding Company settlement period established by Chapter 557 of 2004, for corporate income tax settlements under Comptroller v. SYL, Inc. and Comptroller v. Crown Cork & Seal Co., Inc.

What taxes are eligible? Individual and corporate state income tax, withholding tax, sales & use tax and/or admissions and amusement tax accrued on or before December 31, 2008. The Program does not apply to taxes related to any returns which were due to be filed after December 31, 2008 (i.e. taxes for the 2008 filing season are ineligible).

How do I file? The form is available on the web at http://forms.marylandtaxes.com/amnesty/COM-AM09.pdf.

Where can I find out more information? The Comptroller has answered some frequently asked questions at http://individuals. marylandtaxes.com/payment/MDTaxAmnesty2009FAQ.pdf, and further information, including an interest calculator, is available at http://individuals.marylandtaxes.com/payment/amnesty2009.asp.

If you are behind on your Maryland taxes, don’t miss out on this rare opportunity for a “do over.” If you have any questions about the program, please do not hesitate to contact us.