July 1, 2021 Maryland is extending the due date for pass-through entity tax returns until September 15, as well as payment of the tax. Interest and penalties will be automatically waived. This does not apply to individuals. Individual returns are still due July 15th. As K-1s will not likely be issued by this date, many individual returns may need to be extended. If an individual receives a K-1, a request for a waiver of interest and penalties can be made. This information relates to the concerns highlighted in a previous KatzAbsoch alert around the release date of New Form 511. Pass-through entity forms are expected to be available through software vendors soon, but the Comptroller’s Office cannot guarantee the date of availability of forms through any third-party vendor. Overall, the new extension may mitigate some of the challenges that have occurred this filing season. To learn how this may affect you, please read the Comptroller’s full press release, click here. 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. Related KatzAbosch Articles New Form 511 May Extend Maryland Pass-Through Entities' Deadline Understand the New 20% Deduction for Owners of Pass-through Entities Under the TCJA Networking Event - How Maryland Legislation Affects The Construction Industry
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