This week, the State of Maryland will start their program “Maryland’s Tax Do Over” that will last from September 1st through October 30th, for Maryland taxpayers who did not pay or file their taxes as SB552 was approved by the governor on May 7th, 2009.
The amnesty will cover penalties and 1/2 the interest attributed to those taxpayers who failed to pay, report, or who under-reported income. This allows taxpayers to come forward without being liable for penalties and half the tax interest. As such, the Comptroller can provide waivers if compliance and an agreement are reached.
If you owe taxes to Maryland, it is in your best interest to tackle the situation now before it gets worse by getting into compliance with the IRS. State amnesty programs work and the reason states offer them is because of the tax revenue they usually obtain that they otherwise may have not collected.
You can download the form on the Maryland Comptroller’s website or you can call 1-800-638-2937. If you need help with Maryland taxes, connect with a tax professional firm like ours for a free consultation and quote.