Maryland Sample Letter for Payment of Corporate Income and Franchise Taxes and Annual Report Filing Fees Dear [Recipient's Name], I am writing to fulfill our obligation to pay the corporate income and franchise taxes and annual report filing fees for our company, [Company Name], in accordance with Maryland state regulations. This letter serves as an official notification and submission of the required payments. Within the state of Maryland, businesses are required to file an annual report and pay corporate income and franchise taxes to maintain legal compliance. It is important for our company to adhere to these obligations promptly to avoid any penalties or legal consequences. Our company has conducted its operations ethically and diligently, and we understand the importance of fulfilling our financial responsibilities to contribute to the growth and development of the state of Maryland. Enclosed with this letter, please find the following payments: 1. Corporate Income Tax Payment: [Amount] — This payment covers the corporate income tax owed for the fiscal year [Year]. — Our company has carefully calculated the appropriate amount according to the Maryland tax rate of [Tax Rate]% applied to our taxable net income. 2. Franchise Tax Payment: [Amount] — This payment covers the franchise tax for our company's existence within the state of Maryland. — The amount has been determined in compliance with the Maryland franchise tax laws, which consider factors such as authorized shares, issued shares, and our company's net worth. 3. Annual Report Filing Fee: [Amount] — This fee covers the cost of filing our annual report with the Maryland State Department of Assessments and Taxation (SEAT). — The annual report provides essential information about our company's operations and is due by the designated deadline according to Maryland's regulations. By completing these financial obligations, we strive to maintain a positive and transparent relationship with the state of Maryland and contribute to its economic growth. We understand that these funds help support various initiatives, infrastructure development, and public services within the state. Please note that all necessary documentation, including our tax returns and financial statements, have been submitted electronically to the Maryland State Department of Assessments and Taxation. We have complied with all requirements and provided accurate information to the best of our knowledge. Should you require any further information or if there are any discrepancies with our payments, please do not hesitate to contact us at [Company Phone Number] or [Email Address]. We are committed to addressing any concerns promptly and resolving any issues that may arise. Thank you for your attention to this matter, and we appreciate your cooperation in ensuring that our company remains in good standing with the state of Maryland. Sincerely, [Your Name] [Your Position] [Company Name] [Company Address] [City, State, ZIP Code] [Date]
Maryland Sample Letter for Payment of Corporate Income and Franchise Taxes and Annual Report Filing Fees
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FAQ
Do I need to file an Annual Report? All legal business entities formed, qualified, or registered to do business in Maryland MUST file an Annual Report: Legal business entities (Corporations, LLC, LP, LLP, etc.), whether they are foreign or domestic, must file a Form 1 Annual Report (fees apply)
You can pay your Maryland taxes with a personal check, money order or credit card. You may also choose to pay by direct debit when you file electronically. If you file and pay electronically by April 15, you have until April 30 to make the electronic payment, using direct debit or a credit card.
Corporations, LLCs, and other legal entities are currently required to file annual reports with SDAT every year for $300, and family farms for $100.
With the State of Maryland recurring direct debit program you don't have to worry about mailing off a check for your individual tax payment plan. If you do not know your payment agreement number, call our Collection Section at 410-974-2432 or 1-888-674-0016.
Visit .marylandtaxes.gov to learn about the different ways to electronically file your taxes. There are two ways to make a tax payment by credit card. You can make your payment online through NICUSA or by telephone through Official Payments provided you have received a bill for an existing liability.
The corporation income tax applies to every Maryland corporation , even if it has no taxable income or the corporation is inactive. Every other corporation that is subject to Maryland income tax law and has income or losses attributable to sources within Maryland must also file Form 500.
You can pay your taxes online, by mail or in person. Search and pay for real or personal property tax information online. Note: You will need a parcel ID, account number or property address, which you will find on your tax bill.
If you believe you owe state taxes but have not received a notice, call our taxpayer service office at 410-260-7980 from Central Maryland or 1-800-MDTAXES from elsewhere.
