There has been an update to our previous news brief regarding the Maryland Form 511 .
Comptroller Peter Franchot has announced Maryland Pass-Through Entities (PTEs) are now extended through September 15, 2021 for 2020 income tax returns. This additional two month extension is automatic and requires no additional action for it to be granted for a PTE. Maryland will not assess any penalties or interest if liabilities for these returns are paid by September 15th.
While the extension applies to 2020 PTE returns and related payments, 2021 Q1 & Q2 estimated payments for PTE’s and individuals were not extended and remains due July 15th. In addition 2020 individual Maryland tax returns are not impacted by this announcement and will require a formal extension and payment before the July 15th due date. Individuals whose returns cannot be filed until a PTE files and issues them a Schedule K-1, may request a waiver of penalties and interest.
For the Comptroller’s full message please read more here.
As always, please do not hesitate to call our offices for additional information and to speak to your representative about how this could affect your situation.