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Dec 18, 2024
How is the sales tax filing frequency determined for businesses in Maryland, and what are the deadlines?
In Maryland, the sales tax filing frequency for businesses is determined by their average monthly sales tax liability:
Monthly Filing: Criteria: Businesses with an average monthly sales tax liability exceeding $700. Due Date: Sales tax returns are due by the 20th of the month following the reporting period.
Quarterly Filing: Criteria: Businesses with an average monthly sales tax liability between $300 and $700. Due Date: Sales tax returns are due by the 20th of the month following the end of each quarter (end of March, June, September, December).
Annual Filing: Criteria: Businesses with an average monthly sales tax liability of $300 or less. Due Date: Annual sales tax returns are due by January 20, 2025, for the entire 2024 tax year.
Key Points:
Filing Frequency Determination: Based on the business’s average monthly sales tax liability.
Adjustments: If a business’s sales tax liability changes significantly, the Maryland Comptroller’s office may adjust the filing frequency accordingly.
Penalties for Late Filing: Missing these deadlines can result in penalties and interest charges.
Businesses must comply with their assigned filing frequencies and adhere to the specified deadlines to avoid penalties and ensure proper tax remittance.
