The questions are piling up as the deadline nears to comply with Maryland’s new corporate reporting requirements.
And make no mistake: That’s a deadline you won’t want to miss. Corporations that are 30 days late on these filing requirements could be fined as much as $300,000; 2006 and 2007 reports are due on Oct. 15, 2008, and the fine is $5,000 per day for each report. An additional 60 days will add $1.2 million in fines — that’s two reports at $10,000 per day.
But help is available.
The Maryland Comptroller’s Office and the MACPA have compiled a number of resources that can help Maryland businesses and CPAs get answers to their questions about the new reporting requirements. These resources include the following:
- FAQs about the new reporting requirement
- MACPA corporate reporting resource center
- Comptroller’s corporate reporting resource center
- Emergency regulations
- Corporate reporting in Maryland (an MACPA podcast)
- New reporting requirements hit Maryland corporations hard (from the Statement)
Learn more at the Chesapeake Tax Conference
In addition, a session on Day 2 of the MACPA’s Chesapeake Tax Conference will offer details about the corporate reporting requirement. A representative from the Comptroller’s Office will be on hand to answer questions. That’s scheduled for Sept. 24 at Martin’s West in Baltimore. Get details and register here.