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MARYLAND COMPTROLLER EXTENDS TAX DEADLINE FOR PASS-THROUGH ENTITIES

MARYLAND COMPTROLLER EXTENDS TAX DEADLINE FOR PASS-THROUGH ENTITIES

Comptroller Peter Franchot extended the filing deadline for 2020 income tax returns for Pass-Through Entities (PTEs) to September 15, 2021, due to new laws requiring extensive changes to PTE tax forms. PTE forms are expected to be available through software vendors soon, but the Comptroller’s Office cannot guarantee the date of availability of the forms through any third-party vendor.

Taxpayers who file PTE returns and pay any outstanding liabilities by September 15 will not be charged interest or pay a penalty. No further action is required for PTEs to receive this waiver; it will be automatically granted.

“This has been an extraordinary tax filing season and the changes required to PTE forms from legislation that became law just a month ago has been the latest complexity,” Comptroller Franchot said in an announcement released by his office. “We recognize this puts a burden on taxpayers, so the decision to extend the filing deadline and not assess interest or penalties was made to provide additional relief.”

Currently, the first- and second-quarter tax estimates for 2021 are still due July 15 for PTE returns. Individual members of PTEs whose returns cannot be filed until the PTE files and issues K-1s may request a waiver of penalties and interest by emailing the state.

UHY will continue to monitor these and any other tax law changes and provide updates as new legislation is passed. If you have any questions about how this affects you, please reach out to a UHY professional

 

7/1/2021

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