June 14, 2021 What is Maryland Form 511? The new form for Maryland Pass-Through Entities allows them to elect to have Maryland tax paid and deducted at the entity level. On June 1, 2021, Senate Bill 787 became law and included official legislation required by the Maryland Comptroller’s office to provide guidance and release the new form. What’s the Issue? According to the Comptroller’s office, the new form will be available on June 29th. As a result, tax preparation software vendors will need additional time to program the forms and test for accuracy. When the forms are finally released, tax preparers will have less than two weeks to complete all of the returns they have had to put on hold for the July 15th deadline. What this means for you. Many Maryland tax returns will have to be extended both for partnerships and S corporations, and the related individual returns in order to address the volume of returns on hold and the limited turn-around time. For KatzAbosch clients, we will do our best to have your tax return completed by July 15. In the meantime, we will be contacting our affected clients to discuss personally how it will impact their situation. How KatzAbosch Can Help The tax professionals at KatzAbosch can help minimize the tax burden and provide crucial information on an ongoing basis to assist in day-to-day operations. For questions as to how this update affects your filing requirement, or for any other tax matter, please contact your KatzAbosch representative or contact us today. About KatzAbosch: Founded in 1969, KatzAbosch is one of the largest CPA and business consulting services in the Mid-Atlantic region. As an accounting firm, our mission is to provide the highest quality accounting, tax, financial and management consulting services to our regional clients. We understand the needs and challenges of our clients and we have made it our obligation to create, grow and protect asset value. KatzAbosch is consistently named a Best Accounting Firm to Work For in Accounting Today and has been named a Top 200 Accounting Firms in the Nation by Inside Public Accounting. Our firm is also ranked among the Top 15 Largest Accounting Firms in the Baltimore Area by the Baltimore Business Journal and a Top Workplace four times by The Baltimore Sun.