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 for the first 30 days; $10,000/day after 30 days) if the required reports are not filed timely.

The Daily Record’s Editorial Advisory took issue with the harsh penalties in Monday’s edition (pdf).

For more information, visit the Comptroller’s website here.

The Maryland Association of CPAs has also posted some great resources on its website. You can view the MACPA’s Maryland Corporate Reporting Resources site here. In addition, they’ve posted a podcast on the issue here.