State and Local Tax
1
Minutes to read
In Maryland, January 1 is the effective assessment date. April 15 is the deadline to file your Maryland personal property renditions for the current tax year.
If you miss that date, the extended deadline is June 15. When June 15 falls on a holiday or a weekend, the extended deadline moves to the first following business day.
So, you’ve filed your return… now what?
Next up, the Maryland State Department of Assessments and Taxation (SDAT) will issue business personal property assessments based on the renditions filed.
Those assessments are calculated based on the cost and filing categories your business reported, multiplied by the standard depreciation factors assigned by the SDAT. The issued value may or may not reflect the fair market value of your property.
Once your assessment is issued, it is important that your business can answer “yes” to all the following questions:
If your business could not file its personal property rendition on time this year, the Maryland SDAT has the right to jeopardy assess your property or even forfeit the entity for failure to file the personal property rendition. Both issues can be resolved if your business follows the appropriate steps.
If you need help answering any of the questions above or require assistance resolving your late personal property rendition, talk to our experts.
We are a full-service management consulting and CPA firm covering all aspects of audit, compliance, risk management, accounting, finance, tax, IT risk, and more. Just let us know what you need help with and an expert will be in touch!
Request Your ConsultationClearview Group is an award-winning, dynamic management consulting and CPA firm offering services that are flexible and scalable to meet the specific needs of our clients of all sizes and industries. Committed to providing real solutions that offer practical and efficient improvements to processes, procedures and operations, Clearview Group delivers exemplary client services normally associated with national firms, but with the hands-on, personalized feel of a local firm.
11155 Red Run Boulevard, Suite 410
Owings Mills, MD 21117
410-415-9700