Maryland Pass-Through Entities: Impact of MD Form 511
As a result of the Maryland Pass-Through Entity Tax legislation that was passed in 2020 (for more information please read more in our article here) the Comptroller’s Office of Maryland has been working on a new tax form to administer the new tax regime, Maryland Form 511. Senate Bill 787 was enacted on May 28, 2021 and made additional changes to the Maryland Pass-Through Entity Tax. Due to these changes the Comptroller’s Office has yet to release Form 511. While we are expecting Form 511 to be available the last week of June software vendors will require additional time to update their software and their e-file database for these changes.
As a result, while we will make every effort to prepare impacted returns by the July 15th Maryland due date, we anticipate some returns impacted by Form 511 will need to be extended to allow our staff and our vendors to properly prepare the related tax filings.
To the extent returns that have already been filed claiming the Maryland Pass-Through Entity Tax and accepted without the Form 511 we do not anticipate any need to amend the returns at this time.
For questions on Form 511 or other tax and accounting matters do not hesitate to contact us.