Corporations take hit on new Maryland reporting rules
Businesses may feel like they have targets on their backs after the Maryland General Assembly's recent special session.
Lawmakers enacted $1.4 billion in new taxes, about $800 million of which will be paid by Maryland businesses. Hitting particularly hard are new reporting requirements that, according to this Maryland Chamber of Commerce blog post, "will be imposed on corporations as part of their corporate tax return or for publicly traded companies with any minimal business activity in Maryland."
In a comprehensive summary, Beverly Richard, CPA, chair of the MACPA's State Tax Committee, says the new requirements "are the most extensive in the nation and