Maryland will hold a Tax Amnesty Program from September 1, 2015, through October 30, 2015. The program offers most taxpayers a waiver of all civil penalties (with exception to previously assessed fraud penalties) related to delinquent tax liabilities and 50% of levied interest through October 30, 2015, and bars criminal prosecution, except for charges already pending or under investigation.
The waiver applies to non-reporting, underreporting and nonpayment of individual and corporate income tax, withholding tax, sales and use tax, and admissions and amusement tax liabilities for tax periods ending on or before December 31, 2014. The program requires full payment of all delinquent taxes and one-half of the interest on or before December 31, 2016.
Taxpayers participating in the amnesty program will be required to file delinquent returns and pay tax plus one-half interest due on these and previously filed returns. The amnesty program will not apply to taxpayers who had been previously granted amnesty between in calendar years 1999 through 2014.
For more information, please call your Hertzbach Tax Advisor at 410.363.3200 or 800.899.3633. We look forward to speaking with you.