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Baltimore Business Journal: Franchot extends business tax deadlines for second time

"The coronavirus pandemic has become a public health disaster and an economic catastrophe," Peter Franchot said Tuesday.

Maryland businesses struggling as they face an extended shutdown from the coronavirus pandemic will have a little more relief when it comes to paying taxes.

Comptroller Peter Franchot said Tuesday that he is extending business-related tax filing deadlines to July 15, the second time he has announced an extension. Business taxpayers who file and pay by the extended due date will receive a waiver of interest and penalties. The comptroller on March 12 had extended the deadline for these tax filings to June 1.

The federal government extended the deadline for filing 2019 income tax returns and submitting 2019 income tax payments by 90 days to July 15. Maryland has granted the same relief to individual, corporate, pass-through entity, estate and fiduciary taxpayers.

The new business-related extension to July 15 applies to certain business returns with due dates during the months of February, March, April, and May 2020 for the following tax types:

- Sales and use tax

- Withholding tax

- Admissions and amusement tax

- Alcohol, tobacco and motor fuel excise taxes

- Tire recycling fee

The deadline for June payments of the alcohol tax and admissions and amusement tax, which are due on the 10th day of the month, has also been extended to July 15.

"The coronavirus pandemic has become a public health disaster and an economic catastrophe," Franchot said in a statement. "Small businesses, which are the lifeblood of our economy, are hurting. Any measure of relief we can provide to help them keep the lights on will be welcome news."

The State of Maryland expects to lose $2.8 billion — including just shy of $1 billion in income tax revenue — in just three months due to disruptions from the novel coronavirus pandemic.

Businesses with questions can reach out to the comptroller's office via — taxpayerrelief@marylandtaxes.gov. Business owners can also contact the Comptroller's Ombudsman at ombudsman@marylandtaxes.go

https://www.bizjournals.com/baltimore/news/2020/04/14/franchot-extends-business-tax-deadlines-for-second.html


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