New Form 511 May Extend Maryland Pass-Through Entities’ Deadline

What is Maryland Form 511? The new form for Maryland Pass-Through Entities allows them to elect to have Maryland tax paid and deducted at the entity level.  On June 1, 2021, Senate Bill 787 became law and included official legislation required by the Maryland Comptroller’s office to provide guidance and release the new form.

What’s the Issue?  According to the Comptroller’s office, the new form will be available on June 29^th.  As a result, tax preparation software vendors will need additional time to program the forms and test for accuracy. When the forms are finally released, tax preparers will have less than two weeks to complete all of the returns they have had to put on hold for the July 15^th deadline.

What this means for you. Many Maryland tax returns will have to be extended   both for partnerships and S corporations, and the related individual returns    in order to address the volume of returns on hold and the limited turn-around time. For KatzAbosch clients, we will do our best to have your tax return completed by July 15. In the meantime, we will be contacting our affected clients to discuss personally how it will impact their situation.

How KatzAbosch Can Help

The tax professionals at KatzAbosch can help minimize the tax burden and provide crucial information on an ongoing basis to assist in day-to-day operations. For questions as to how this update affects your filing requirement, or for any other tax matter, please contact your KatzAbosch representative or contact us today.