Amnesty from what?
The amnesty program applies to taxpayers who failed to file a return or pay personal income, corporate income, withholding, sales and use, or admissions and amusement taxes.
Benefits of Amnesty?
Under the program, Maryland will waive civil penalties (except previously assessed fraud penalties), and half of the interest due.
What must a taxpayer do?
A taxpayer must file all delinquent returns, pay all of the tax, and half of the interest due; or enter into an agreement with the comptroller during the amnesty period.
Who doesn't qualify for the amnesty?
- Taxpayers who have more than 500 U.S. employees as of September 1, 2009 or are a member of a corporate group that has more than 500 employees
- Taxpayers who participated in the 2001 Maryland amnesty program
- Taxpayers who were eligible for the 2004 Delaware holding company settlement period
Applicability to Criminal Tax Offenses?
Taxpayers cannot be charged with a criminal tax offense arising out of any return filed or tax paid during the amnesty period, but amnesty does not apply to criminal charges that are already pending or under investigation.
Summary
It is in your best interest to consult a state tax professional before taking advantage of any amnesty program to ensure that you qualify, and to clearly understand the advantages and disadvantages of utilizing the program.
If you have any questions, please contact me at leveragesalt@earthlink.net
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