October 15 - Don't Say We Didn't Warn You
October 15 is the deadline for corporations that are calendar year taxpayers and part of a corporate group to file additional data with the State Comptroller’s office for tax years 2006 and 2007. This filing requirement applies if any member of your corporate group does business in Maryland, and carries substantial daily fines ($5,000/day) if the required reports are not filed.
The report includes data that will allow the Comptroller’s Office to calculate the potential impact on state revenues if Maryland were to adopt “combined reporting” and apportionment method changes for corporate income taxes. The companies will not be submitting an actual combined return nor do the tax calculations.
Maryland Chamber representatives have been meeting with the Comptroller’s staff to discuss the draft regulations. We expect the Comptroller’s office to issue emergency regulations later this month providing more details on the filing requirements. Companies must file the data online through the Comptroller’s website. The data will be compiled and provided to the Maryland Business Tax Reform Commission by March 1, 2009 for their review and analysis. These reporting requirements continue through tax year 2010. For further details click here.