penalties

Did you know: If you are 30 days late on these filing requirements, you could be fined as much as $300,000 (2006 and 2007 reports are due on Dec. 1, 2008, and the fine is $5,000 per day for each report). An additional 60 days will add $1.2 million in fines (two reports at $10,000 per day).

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Maryland corporate reporting resources

Maryland's General Assembly enacted, then amended, new corporate reporting requirements that significantly impact state CPAs and their corporate clients. The following resources can help answer your questions about these new reporting requirements.

A little background: These requirements were originally enacted during a special session of Maryland's General Assembly in November 2007. The MACPA worked with the Maryland Chamber of Commerce and other businesses to amend that bill during the regular 2008 session of the General Assembly. The result: We successfully reduced the penalties, eliminated a proposed jail sentence and reduced the documentation requirement. (Testimony included an example of a Maryland company that would have been required to send 17 banker boxes full of disclosures to comply.)
A summary of recent guidance: Members of the MACPA's State Tax Committee take a closer look at recent information from the Maryland Comptroller's Office.
Maryland Comptroller resources: Online resources related to the new reporting requirements, from the Maryland Comptroller's Office.
Frequently asked questions: Get answers to some of the most common questions about the reporting requirements.
Emergency regulations: Additional important information from the Maryland Comptroller's Office.
Tax alert: A summer 2008 publication from the Maryland Comptroller's Office.
Corporate reporting in Maryland: An MACPA podcast: Bev Richard, chair of the MACPA's State Tax Committee, explains the requirements in this "CPA Spotlight" podcast.
Corporations hit with new Maryland disclosures: A Statement article written by Bev Richard, chair of the MACPA's State Tax Committee.