The Maryland Corporation Income Form 500 is a tax return used by corporations operating in Maryland to report their income and calculate their tax liability. This form is essential for ensuring compliance with state tax regulations and helps determine the amount of tax owed or any potential refunds. Corporations should complete and file this form accurately to avoid penalties and ensure they receive any applicable tax credits.
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The Maryland 500 form serves as the official income tax return for corporations operating within the state, providing a structured method for reporting taxable income and calculating tax liabilities. This form is applicable for the tax year 2020 and is designed for use by various types of corporations, including those filing as C corporations and certain other entities. Essential components of the form include sections for entering the corporation's Federal Employer Identification Number (FEIN), business activity code, and current mailing address. Additionally, the form requires corporations to report their federal taxable income, adjustments to that income, and any net operating losses they may wish to claim. It also includes provisions for corporations to indicate changes in their status, such as name or address changes, or to denote whether the return is an amended filing. Furthermore, the Maryland 500 form outlines specific calculations for determining taxable income, including various addition and subtraction adjustments, as well as apportionment factors for multistate corporations. Completing this form accurately is crucial, as it directly impacts the corporation's tax obligations and eligibility for certain credits and deductions.
Maryland Dc 70 - The request for postponement must be clearly articulated within the form.
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MARYLAND
CORPORATION INCOME
2022
FORM
TAX RETURN
500
$
OR FISCAL YEAR BEGINNING
2022, ENDING
Print Using Blue or Black Ink Only
Federal Employer Identification Number (9 digits)
FEIN Applied for Date (MMDDYY)
Date of Organization or Incorporation (MMDDYY)
Business Activity Code No. (6 digits)
Name
Current Mailing Address (PO Box, number, street and apt. no)
Do not write in this space.
Amended
Return
Current Mailing Address Line 2 (Apt No., Suite No., Floor No.)
ME
YE
City or Town
State
ZIP Code + 4
Foreign Country Name
Foreign Province/State/County
Foreign Postal Code
STAPLE CHECK HERE
CHECK HERE IF:
Name or address has changed
Inactive corporation
First filing of the corporation
Final Return
This tax year's beginning and ending dates are different from last year's due to an acquisition or consolidation.
IF FILING TO CLAIM A NET OPERATING LOSS, CHECK THE APPROPRIATE BOX Carryback Attach copies of the federal form for the loss year and Form 1139.
Carryforward
SEE CORPORATION INSTRUCTIONS. ATTACH A COPY OF THE FEDERAL INCOME TAX RETURN THROUGH SCHEDULE M2.
1a.
Federal Taxable Income (Enter amount from Federal Form 1120 line 28 or Form 1120-C
line 25c.) See Instructions. Check applicable box:
1120
1120-REIT
990T
Other:
IF 1120S, FILE ON FORM 510
. . .1a.
.00
. . . . . .
1b.
Special Deductions (Federal Form 1120 line 29b or
Form 1120-C line 26b.)
. . .1b.
. . . . . . . . . . . .
.
. . . .
1c.
Federal Taxable Income before net operating loss deduction
(Subtract line 1b from 1a)
. 1c.
. . . . . . .
. . .
MARYLAND ADJUSTMENTS TO FEDERAL TAXABLE INCOME
(All entries must be positive amounts.)
ADDITION ADUSTMENTS
2a.
Section 10-306.1 related party transactions
2b.
Decoupling Modification Addition adjustment
(Enter code letter(s) from instructions.)
2c. Total Maryland Addition Adjustments to Federal Taxable Income (Add lines 2a and 2b) .
. . . 2c.
SUBTRACTION ADJUSTMENTS
3a.
3b.
Dividends for domestic corporation claiming foreign tax credits
(Federal form 1120/1120C Schedule C line 18)
COM/RAD-001
page 2
NAME
FEIN
3c. Dividends from related foreign corporations
(Federal form 1120/1120C Schedule C line 14, 16b and 16c)
3c.
3d. Decoupling Modification Subtraction adjustment
3d.
3e. Total Maryland Subtraction Adjustments to Federal Taxable Income
(Add lines 3a through 3d.)
. . . . . . . . . . . 3e.
4.Maryland Adjusted Federal Taxable Income before NOL deduction is applied
(Add lines 1c and 2c, and subtract line 3e.)
4.
5.Enter Adjusted Federal NOL Carry-forward available from previous tax years (including
FDSC Carry-forward) on a separate company basis (Enter NOL as a positive amount.)
5.
6.Maryland Adjusted Federal Taxable Income (If line 4 is less than or equal to zero, enter amount from line 4.) (If line 4 is greater than zero, subtract line 5 from line 4 and
enter result. If result is less than zero, enter zero.)
. .6
MARYLAND ADDITION MODIFICATIONS
7a.
State and local income tax
. 7a.
7b.
Dividends and interest from another state, local or federal tax
exempt obligation
. 7b.
7c.
Net operating loss modification recapture (Do not enter NOL carryover.
See instructions.)
. 7c.
7d.
Domestic Production Activities Deduction
. 7d.
7e.
Deduction for Dividends paid by captive REIT
. 7e.
7f.
Other additions (Enter code letter(s) from
instructions and attach schedules)
7g.
Total Addition Modifications (Add lines 7a through 7f)
. . . . . . 7g.
MARYLAND SUBTRACTION MODIFICATIONS
8a.
Income from US Obligations
. 8a.
8b.
Other subtractions (Enter code letter(s) from
instructions and attach schedule)
If you are claiming subtraction H, enter your state medical cannabis business license number:
8c.
Total Subtraction Modifications (Add lines 8a and 8b)
. . . . . . 8c.
NET MARYLAND MODIFICATIONS
9.Total Maryland Modifications (Subtract line 8c from 7g. If less than zero,
enter negative amount.)
. 9.
10. Maryland Modified Income (Add lines 6 and 9.)
10.
APPORTIONMENT OF INCOME
(To be completed by multistate corporations whose apportionment factor is less than 1, otherwise skip to line 13.)
11.Maryland apportionment factor (from page 4 of this form)
(If factor is zero, enter .000000.)
. . . . . . . . .
11.
12.
Maryland apportionment income (Multiply line 10 by line 11.)
. . . . . . . . . .
13.
Maryland taxable income (from line 10 or line 12, whichever is applicable.)
14.
Tax (Multiply line 13 by 8.25%.)
15a.
Estimated tax paid with Form 500D, Form MW506NRS and/or credited
from 2021 overpayment
15b.
Tax paid with an extension request (Form 500E)
15c.
Nonrefundable business income tax credits from Part AAA. (See instructions for Form 500CR.)
You must file this form electronically to
15d.
Refundable business income tax credits from Part DDD. (See instructions for Form 500CR.)
claim business tax credits from Form 500CR.
15e.
The Heritage Structure Rehabilitation Tax Credit is claimed on line 1 of Part DDD on Form 500CR.
Check here
if you are a non-profit corporation.
page 3
15f.
Nonresident tax paid on behalf of the corporation by pass-through entities
(Attach Maryland Schedule 510/511 K-1.) . . .
. . . . . . . . . . . . . . . . . . . . .
15g.
If amending, total payments made with original plus additional tax paid
after original was filed
15h.
Total payments and credits (add lines 15a through 15g)
. . . . . .15h.
16.
Balance of tax due (If line 14 exceeds line 15h enter the difference.)
. . . . . 16
17.
Overpayment (If line 15h exceeds line 14, enter the difference.)
17a. If amending prior overpayment (Total all refunds previously issued.)
. . . . .
. . . . . . 17a.
18.
Interest and/or penalty from Form 500UP
or late payment interest
19.
for original return. . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . 18
Total balance due (Add lines 14, 17a and 18.
Subtract line 15h.)
. . . . . 19
20.Amount of overpayment from original return to be applied to estimated tax for 2023
(not to exceed the net of lines 17 minus 17a and 18.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.
21.Amount of overpayment TO BE REFUNDED
(Add lines 18 and 20, and subtract the total from line 17.)
(If amending subtract lines 17a and 18 from line 17.). . . . . . . . . . . . . . . . . . . . . . . . . . . 21.
DIRECT DEPOSIT OF REFUND (See Instructions.) Verify that all account information is correct and clearly legible. If you are requesting direct deposit of your refund, complete the following.
Check here if you authorize the State of Maryland to issue your refund by direct deposit.
Check here if this refund will go to an account outside of the United States.
22a. Type of account:
Checking
Savings
22b. Routing Number (9-digits):
22c. Account number:
22d. Name as it appears on the bank account:
INFORMATIONAL PURPOSES ONLY (LINES 23 & 24)
23.NOL generated in Current Year - Carryforward 20 years and carry back 2 years (farming loss ONLY).
(If line 6 is less than zero, enter on line 23.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.
24.NAM generated in Current Year - Carried Forward/Back with Loss on Line 23 per Section 10-205(e) (If line 6 is less than zero AND line 9 is greater than zero, enter the
amount from line 9 on line 24.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.
FOR USE IF AMENDING THE RETURN
Explanation of Changes to Income, Modifications, Apportionment Factor and Credits. Show the computation in detail and attach schedules as necessary. Check the box or boxes that reflect the reason for filing this amended return and explain in the space
provided below the checkboxes. If more space is needed, you may attach additional pages.
1. Amended to claim a Net Operating Loss Deduction
2. Amended to report a federal adjustment or an RAR (Revenue Agent Report)
3.Amended to claim Business Tax Credit.
4.Amended to claim nonresident PTE Tax Credit
5.Amended to report income omitted on previous filing
6.Amended to change apportionment factor
7.Amended for another reason
Explanation of Changes: ___________________________________________________________________
_________________________________________________________________________________________
page 4
Schedule A - COMPUTATION OF APPORTIONMENT FACTOR (Applies only to multistate corporations. See instructions.)
Column 1
Column 2
Column 3
NOTE: Rental/leasing companies, financial institutions,
TOTALS WITHIN
DECIMAL FACTOR
transportation companies, and worldwide headquartered
AND WITHOUT
(Column 1 ÷ Column 2
companies see instructions on Special Apportionment.
rounded to six places)
1. Receipts a.Gross receipts or sales less returns and
allowances
b.Dividends
c. Interest
d.Gross rents
e.Gross royalties
f. Capital gain net income
g.Other income (Attach schedule.)
h.Total receipts (Add lines 1(a) through 1(g),
for Columns 1 and 2.)
Report this factor on line 4 unless you use a special apportionment formula or alternative apportionment formula.
2. Property a.Inventory . . . . . . . . . . . . . . . . . . . . . . .
b.Machinery and equipment . . . . . . . . . . .
c. Buildings . . . . . . . . . . . . . . . . . . . . . . .
d.Land . . . . . . . . . . . . . . . . . . . . . . . . . .
e.Other tangible assets (Attach schedule.) . f. Rent expense capitalized
(multiply by eight) . . . . . . . . . . . . . . . . .
g.Total property (Add lines 2a through 2f, for Columns 1 and 2) . . . . . . . . . . . . . .
3. Payroll a. Compensation of officers . . . . . . . . . . . .
b.Other salaries and wages . . . . . . . . . . . .
c. Total payroll (Add lines 3a and 3b, for Columns 1 and 2.) . . . . . . . . . . . . . . . .
4.Maryland apportionment factor Enter amount from Line 1 Column 3. If an alternative apportionment formula or a special apportionment formula is used, enter the alternative or special apportionment factor here. (If factor is zero, enter .000000 on line 11, page 2.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Check here if special apportionment or alternative apportionment formula is used.
page 5
SCHEDULE B - ADDITIONAL INFORMATION REQUIRED (Attach a separate schedule if more space is necessary.)
1.Telephone number of corporation tax department:
2.Address of principal place of business in Maryland (if other than indicated on page 1):
3.Brief description of operations in Maryland:
4.Has the Internal Revenue Service made adjustments (for a tax year in which a Maryland return
was required) that were not previously reported to the Maryland Revenue Administration Division? . . . .
Yes
No
If "yes", indicate tax year(s) here:
and submit an amended return(s) together with a copy of the IRS
adjustment report(s) under separate cover.
5.Did the corporation file employer withholding tax returns/forms with the Maryland Revenue
6.
Administration Division for the last calendar year?
Is this entity part of the federal consolidated filing?
If a multistate operation, provide the following:
7.
Is this entity a multistate corporation that is a member of a unitary group?
8.
Is this entity a multistate manufacturer with more than 25 employees?
SCHEDULE C - ADDITIONAL INFORMATION REQUIRED (Attach a separate schedule if more space is necessary.)
1.Subtraction for donations of certain disposable diapers, certain hygiene products, and certain monetary gifts. List the name(s) of the qualified charitable entity on the lines below.
page 6
SIGNATURE AND VERIFICATION
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements and to the best of my knowledge and belief it is true, correct and complete. If prepared by a person other than taxpayer, the declaration is based on all information of which the preparer has any knowledge.
if you authorize your preparer to discuss this return with us.
Officer's signature
Date
Officer's Name and Title
Preparer's signature (Required by Law)
Printed name of the Preparer / or Firm's name
Street address of preparer or Firm's address
City, State, ZIP Code + 4
Telephone number of preparer
Preparer’s PTIN (Required by Law)
CODE NUMBERS (3 digits per line)
INCLUDE ALL REQUIRED PAGES OF FORM 500
Make checks payable to and mail to:
Comptroller Of Maryland
Revenue Administration Division
110 Carroll Street
Annapolis, Maryland 21411-0001
(Write Your FEIN On Check Using Blue Or Black Ink.)
This form applies to all corporations operating in Maryland, regardless of size. Small businesses must also file to report their income and pay taxes.
Filing electronically is mandatory for claiming business tax credits. Paper filings may lead to delays or complications.
The Maryland 500 form is distinct from federal returns. It requires specific state adjustments and modifications not found in federal forms.
If your business is part of a multistate operation, calculating the apportionment factor is essential, even if most operations are within Maryland.
Any changes to your federal return must also be reported on the Maryland 500 form. This ensures compliance with state regulations.
Attachments, such as a copy of the federal income tax return, are necessary for a complete submission. Missing documents can result in processing delays.
Filling out the Maryland 500 form can be a challenging task. Many people make common mistakes that can lead to delays or issues with their tax filings. Understanding these pitfalls can help ensure a smoother process.
One frequent mistake is failing to use blue or black ink when completing the form. The instructions clearly state this requirement. Using other colors can result in the form being unreadable by processing machines, leading to potential complications.
Another common error involves incorrect dates. Individuals often miswrite the date of organization or incorporation. This mistake can create confusion about the business’s history and tax obligations. Always double-check these dates to ensure they are accurate.
Many filers neglect to check the appropriate boxes regarding the status of their corporation. Whether it is the first filing, an amended return, or if the corporation is inactive, these selections are crucial. Missing this step can lead to processing delays or misclassification of the return.
Additionally, some people forget to attach the required federal income tax return. The Maryland 500 form requires a copy of the federal return through Schedule M2. Failing to include this document can result in the return being considered incomplete.
Lastly, individuals often overlook the importance of reviewing their calculations. Errors in basic arithmetic can lead to incorrect tax liabilities. Taking the time to verify all figures before submission can prevent unnecessary issues and ensure that the return is accurate.
By being aware of these common mistakes, individuals can better navigate the process of completing the Maryland 500 form. Careful attention to detail can lead to a more efficient and successful filing experience.
The Maryland 500 form is essential for corporations operating in Maryland, as it serves as the official income tax return for the state.
Ensure that the form is filled out using blue or black ink only to maintain clarity and compliance with submission guidelines.
Corporations must check the appropriate boxes to indicate their filing status, such as whether it is their first filing, an amended return, or if there has been a change in name or address.
When reporting federal taxable income, corporations must accurately input amounts from the corresponding federal forms, such as Form 1120 or Form 1120-C, to avoid discrepancies.
Maryland adjustments to federal taxable income must be carefully calculated, with all entries being positive amounts. This includes additions and subtractions that may affect the overall taxable income.
Corporations must file the Maryland 500 form electronically if they wish to claim business tax credits, ensuring they adhere to all electronic filing requirements.
The Maryland 500 form is an essential document for corporations filing their income tax returns in Maryland. However, there are several other forms and documents that often accompany it. Each of these serves a specific purpose in ensuring compliance with state tax regulations.
In summary, while the Maryland 500 form is crucial for filing corporate income taxes, these additional forms and documents play important roles in ensuring accurate reporting and compliance with Maryland tax laws. Understanding their purposes can help corporations navigate the tax process more effectively.
The Maryland 500 form is similar to the IRS Form 1120, which is the U.S. Corporation Income Tax Return. Both forms require corporations to report their income, deductions, and tax liabilities to the respective tax authorities. The information collected on both forms serves to determine the taxable income of the corporation. While the IRS Form 1120 is used for federal tax purposes, the Maryland 500 is specifically designed for state-level taxation, reflecting Maryland's unique tax laws and regulations.
Another document that shares similarities with the Maryland 500 form is the IRS Form 1120-S, used by S Corporations. Like the Maryland 500, Form 1120-S requires corporations to report income, deductions, and credits. The key difference lies in the taxation structure; S Corporations generally pass income directly to shareholders, avoiding double taxation. This form also includes specific adjustments and modifications relevant to Maryland law, similar to how the Maryland 500 accounts for state-specific tax rules.
When dealing with firearm transactions, it is vital to have the appropriate documents in place, such as the Pistol Bill of Sale, which helps ensure that the sale and transfer of a firearm are accurately recorded and legally binding. This not only protects the interests of both the seller and the buyer but also complies with relevant laws governing such transactions.
The Maryland 500 form also resembles the IRS Form 1065, which is used by partnerships to report income, deductions, and other tax-related information. Both forms require detailed financial reporting, but they cater to different types of entities. While the Maryland 500 focuses on corporate income, Form 1065 is tailored for partnerships and requires reporting of each partner’s share of income and deductions, which is then passed through to individual partners’ tax returns.
Additionally, the Maryland 500 has parallels with the IRS Form 990, which is utilized by tax-exempt organizations. Both forms require detailed financial information, including revenue, expenses, and modifications specific to their operational structures. However, while the Maryland 500 assesses taxable income for corporations, Form 990 focuses on transparency and accountability for nonprofit organizations, ensuring they meet their regulatory obligations.
The Maryland 500 form is also similar to the IRS Form 1120-C, which is specifically designed for cooperatives. Both forms require the reporting of income and deductions, but they cater to different organizational structures. The Maryland 500 incorporates state-specific adjustments that cooperatives must consider, reflecting the unique tax treatment they may receive under Maryland law.
Another related document is the Maryland Personal Property Return (Form 1), which is used to report personal property owned by businesses. While the Maryland 500 focuses on corporate income tax, the Personal Property Return is concerned with the assessment of tangible personal property for tax purposes. Both forms require accurate reporting to ensure compliance with state tax obligations, but they address different aspects of taxation.
The Maryland 500 is akin to the IRS Form 990-T, which is used by tax-exempt organizations to report unrelated business income. Both forms require organizations to report income and deductions, but the Maryland 500 is focused on corporate entities, while Form 990-T pertains to nonprofits that engage in business activities unrelated to their exempt purpose. Each form reflects the specific tax implications of the respective entity type.
Furthermore, the Maryland 500 has similarities with the IRS Form 941, which is used to report employment taxes. Both forms require detailed reporting of financial information, but they serve different purposes. The Maryland 500 is focused on corporate income, while Form 941 pertains to payroll taxes and the withholding of employee income tax. Each form must be filed in accordance with their respective deadlines to maintain compliance with tax regulations.
Lastly, the Maryland 500 form can be compared to the Maryland Pass-Through Entity Tax Return (Form 510). Both forms require entities to report income and deductions, but they cater to different business structures. The Form 510 is designed for pass-through entities, such as partnerships and S Corporations, while the Maryland 500 is specifically for corporations. Each form reflects the unique tax treatment applicable to the respective entity type in Maryland.