The Maryland Department of Assessments and Taxation (SDAT) has announced that the state is ready to accept 2020 Annual Reports and/or Personal Property Tax Returns. In order to maintain good standing status, all business entities formed, qualified, or registered to do business in Maryland must file an Annual Report every year. If your business owns, leases, or uses personal property in Maryland and/or maintains a trader’s license with a local unit of government in Maryland, you must also file a Personal Property Tax Return.
Reports and returns must be filed by April 15th, 2020. Unlike the IRS, which accepts postmarked dates for filing dates, SDAT requires returns to be received on the date due. Sixty day extensions can be requested online to push out the due date to June 15, 2020.
Failure to file an Annual Report or Personal Property Return by the deadline will mean your business will enter into “not good standing” status. This will make it difficult to obtain licensing in Maryland for your business, as well as pay taxes owed. Suspended businesses will need to apply for reinstatement.
The fee that must be attached to your Annual Report or Personal Property return is generally $300, although some business types may be less. Consult the SDAT website or email us to find out which applies to you.
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