Maryland extension for business tax return

Maryland extension for business tax return free#

Comptroller Peter Franchot on Wednesday pushed the deadline from April 18 to July 15. To learn more about pandemic-related tax relief programs in other states and countries, see our COVID-19 tax news and resource hub. CUMBERLAND The 2022 Maryland income tax filing and payment deadline has been extended to assist people facing financial difficulties due to the COVID-19 pandemic. Since вЂњtaxpayers will remit what is dueвЂќ after the 90-day breather, the relief program wonвЂ™t affect the state budget.ДЄdditional details can be found in Maryland Tax Alert 01-06-21. Form 510E must be submitted if this is an entityвЂ™s first filing, whether or not tax is due. Any excess PTE tax paid on behalf of Maryland resident filers under the prior version of Form 510 making the election will now be refunded to the PTE. To request a Maryland business extension and make a tax payment, use Form 510E (Application for Extension to File Pass-Through Entity Income Tax Return). The comptroller hopes the delayed due dates will вЂњalleviate financial pressuresвЂќ for businesses waiting to receive federal grants, loans, and relief funds. PTEs electing to pay tax on behalf of all members that have already filed their 2020 Maryland PTE return on Form 510 will need to amend their returns by filing the newly released Form 511. This is similar to the relief program Maryland offered in early 2020, when COVID-19 first forced businesses to close or operate at limited capacity.

Maryland extension for business tax return free#

In announcing the relief program, Comptroller Peter Franchot said, вЂњMy directive for a tax forbearance that is interest and penalty free is a direct and immediate economic stimulus for Maryland businesses and workers - a decision that we estimate keeps more than $1 billion in consumersвЂ™ pockets and helps businesses keep their lights on.вЂќ Separate returns and payments should be remitted for each filing period, as if theyвЂ™d been filed according to their original due dates.ДЄdditionally, businesses, self-employed individuals, and independent contractors have until April 15, 2021, to file and remit estimated income tax returns and payments due January 15, 2021. Tire recycling and bay restoration fees due between January 1, 2021, and April 14, 2021.The following taxes and fees qualify for the extension: The extension will be granted automatically no interest or penalties will be assessed on returns filed and taxes paid by April 15, 2021.

If you determine that you will owe tax, you must pay any tax you owe to avoid penalty and interest on tax not paid by the original due date of your return. This extension does not grant you an extension of time to pay any tax you owe. Maryland taxpayers now have until April 15, 2021, to file and remit eligible business taxes that would be due in January, February, or March 2021. We grant an automatic extension of time to file your business tax return based on the return type and due date. To help businesses weather the devastating and ongoing effects of the COVID-19 pandemic, the Comptroller of Maryland has extended filing and payment deadlines for certain Maryland business taxes.