Personal property extensions: What's new for '05?

BALTIMORE, Jan. 12, 2005 — New legislation (Senate Bill 508) passed by the 2004 General Assembly changed the rules for requesting a two-month extension for the filing of 2005 personal property returns. An extension allows a business to file a personal property return on or before June 15 without incurring a late filing penalty.

The two options for requesting an extension — via the Internet or by paper document — are outlined below.

Internet extension requests via the Maryland Department of Assessments and Taxation's Web site are available from Feb. 1 through April 15 of each year and are free of charge. This option offers accurate Department identification number look-up, verification of previously submitted extensions, printed confirmation lists and confirmation numbers, and recall lists by last year's confirmation number. Please visit the DAT's Web site at www.dat.state.md.us and click on "Filing Extension" underneath "What's New?" any time on or after Feb. 1, 2005.
Extension requests submitted via paper documents must be postmarked or received by the DAT on or before March 15 of each year and require a $20, non-refundable processing fee for each entity. If using this method, businesses should use the DAT's revised extension request Form AT3-71 to help ensure that complete and accurate information is submitted. It is available in the personal property return booklet, on the DAT's Web site and through the DAT's forms request phone line (410-767-1180). Businesses and preparers must retain copies of all request forms and cancelled checks used to pay for paper extensions in the event of a discrepancy between the entity's and the DAT's records.
Extension requests via fax or telephone are no longer available.

See the comparison chart below for the advantages of Internet extensions.

	Internet	Paper
Submission deadline	April 15	March 15
Cost per entity	Free	$20
Printed confirmation numbers / lists available?	Yes	No
Recall / editing of last year's confirmation number and list?	Yes	No
Verification of previously submitted current-year Internet request?	Yes	No
Department ID number look-up?	Yes	No
Immediate approval?	Yes	No
Inactive status indicated (e.g., forfeited, merged, dissolved, etc.)?	Yes	No

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