In Maryland, businesses and certain entities must file a Personal Property Return annually to maintain their legal standing and comply with state tax laws. Understanding the filing deadline is crucial to avoid penalties and potential forfeiture of business status.
The standard deadline for submitting the Personal Property Return (Form 1) is April 15 each year. This applies to all business entities incorporated, qualified, or registered to do business in Maryland as of January 1, regardless of whether the business owns property or has conducted activity during the year.
Businesses needing additional time can request a 60-day extension. To qualify, the extension request must be submitted by April 15. Online extension requests can be made through the Maryland Department of Assessments and Taxation (SDAT) system.
Failing to file the Personal Property Return by the deadline can result in:
Businesses can file the Personal Property Return online through the Maryland Business Express portal or by mailing the completed form to:
State Department of Assessments and Taxation
Business Personal Property Division
P.O. Box 17052
Baltimore, MD 21297-1052
Timely filing of the Maryland Personal Property Return is essential for businesses to maintain compliance and good standing with the state. By adhering to the April 15 deadline and utilizing extension options when necessary, businesses can avoid penalties and ensure their continued legal operation in Maryland.
In order to fully satisfy the deadline to file a Maryland Personal Property Return, contact Watter CPA today for expert assistance.
