The Comptroller’s Office sent this alert (pdf) to thousands of corporations regarding the new information reporting requirements.

The new requirements are the result of legislation passed in the 2007 special session. During the 2008 session, the Maryland Chamber, in partnership with numerous other business organizations, worked to secure passage of SB 444 and HB 664, which reduced the most onerous and unnecessary aspects of the corporate reporting requirements.

Now it’s time to prepare for the actual reporting. The first reports will be due October 15, 2008 for calendar year corporations. Remember, this reporting includes a “pro-forma” unitary combined return calculation, throwback apportionment, nonoperational income, manufacturers’ apportionment method, and origin sourcing for government sales apportionment.

Maryland Chamber State Taxation Consultant Karen Syrylo, CPA will be reviewing a pre-publication copy of the draft regulations and draft electronic input form next week. She will meet with staff from the Comptroller’s office, and she will be working with the Chamber’s Tax Committee, and partners like the Maryland Association of CPAs and Maryland Bar Association to provide comments on the draft regulations.

If you’d like to learn more, email Karen at ksyrylo@mdchamber.org.