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Maryland tax amnesty: tax delinquents get a second chance
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Mark your calendars, Maryland has approved a tax amnesty plan starting in the fall of 2009. From 9/1/09 to 10/30/09 (the 31st is a Saturday), any unpaid personal income tax, corporate income tax, withholding tax, sales/use tax or admissions/amusements tax are eligible for amnesty protection.
The result, or savings for the delinquents, is all civil penalties and 1/2 interest will be waived. The State's hope is that those taxpayers that are delinquent, primarily due to unforeseen circumstances or current economic conditions, will step forward and take advantage of the plan and raise some much needed revenue for the State.
Taypayer's that are delinquent must apply to take advantage of the amnesty plan and the Comptroller may agree to a payment plan but current rules are that taxes must be paid by 12/31/2010. Check back here for a link to the application when it becomes available. Better still, subscribe to my blog by clicking on the "Subscribe to Email" above, so you will receive an email when I post the link.
Senate Bill 552 is where you can find the actual bill and here's a great link to the MACPA blog that will fill in some more details.
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Tom Taylor, CPA is a fee-only, independent Financial Planner and Certified Public Accountant and can be contacted at Thoma Capital Management or Taylor & Company in Towson, MD. He is a member of NAPFA and the MACPA and AICPA.
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