Form 510 - Maryland Pass-Through Entity Income Tax Return - 2010 Page 8
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13510 – Maryland Pass-Through Entity Income
of income attributable to Maryland sources and
the Revenue Administration Division may not
Tax Return.
the amount of tax paid on behalf of the member
be used.
receiving the Schedule K-1.
For additional information, see Administrative
OTHER MATTERS
Audits and Appeals All items reported on
Release 26, Procedures for Computer-Printed
Extension of Time to File If unable to file
Form 510 are subject to audit, verification and
Substitute Forms, which can be obtained from
Form 510 by the due date, the PTE must
revision. Returns and amendments are subject
submit Form 510E – Maryland Application for
to audit and adjustment for a period of 3 years
E m p l o y e r
W i t h h o l d i n g
o f
I n c o m e
Extension to File Pass-through Entity Income
from the date the return was due (including
Tax Employers that make payments to
Tax Return.
extensions) or the date the return was filed,
individuals of salaries, wages or compensation
The request for extension of time to file will be
whichever is later.
for personal services must withhold an income
granted provided that:
In the event of revision, the Maryland Revenue
tax as prescribed in published tables and remit
1) t he application is properly filed and submitted
Administration Division will notify the PTE.
the withholdings to the Maryland Revenue
by the 15th day of the 4th month following
Administration Division with Form MW506 or
Amended Returns To correct an error in a
close of the tax year or period for partnerships
MW506M – Employer’s Return of Income Tax
previously filed return, complete and submit a
or by the 15th day of the 3rd month for S
Withheld.
revised Form 510. Check the “AMENDED
corporations;
RETURN” box and draw a line through the
An annual reconciliation is required to be filed
2) a n application for extension of time has been
barcode on the return. A separate page should
on Form MW508 – Annual Employer
filed with the IRS; and
be attached containing a detailed explanation
Withholding Reconciliation Return and
of the changes being made, and if the federal
submitted with the state copy of the wage and
3) f ull payment of any balance due is submitted
return has been amended, a copy of the
tax statements issued to employees as
with the application.
federal amended form must be attached to
required by law.
Properly and timely filed requests for an
Form 510. If additional tax was paid with the
For additional information regarding employer
automatic extension of time will be granted for
original return, include the amount paid on line
withholding tax, address, and phone number
seven months for S corporations and six months
16b of Form 510. The PTE must give a revised
see
for other PTEs.
statement to the members advising them of the
Privacy Notice The Maryland Revenue
Estimated Income Tax Every PTE that
amendment. Members may also be required to
Admin i stration Division requests tax return
reasonably expects Maryland taxable income to
file amended income tax returns.
information to administer the income tax laws
develop a tax in excess of $1,000 for the tax
NOTE: Changes made as part of an amended
of Maryland, including the determination and
year or period must make quarterly estimated
return are subject to audit for up to three years
collection of the correct taxes and other
payments with Form 510D Maryland Declaration
from the date the amended return is filed.
amounts. Failure to provide all or part of the
of Estimated Pass-Through Entity Income Tax. If
Adjustments If the items on the federal return
requested information may result in the
the PTE is required to make multiple payments
are adjusted by the IRS, a copy of the final IRS
disallowance of claimed amounts and an
it will use a Form 510D for each of the additional
adjustment report must be submitted within 90
increased tax liability. In addition, the law
payments. This form is available at our Web
days. Copies of the IRS adjustment report must
makes provision for securing information from
site. The Comptroller of Maryland has
be submitted for each member’s income tax
taxpayers that fail to supply required
discontinued the use of Form 510DP.
return.
information, and a penalty may apply.
Business Tax Credits Form 500CR must be
Taxpayers have a right to access their tax
Taxpayer Identification Required for Returns
completed and attached to Form 510 if the PTE
records maintained by the Revenue
and
Other
Documents All returns,
has generated a business tax credit. Such
Administration Division, and may inspect,
correspondence, payments or other documents
credits are not taken on Form 510, but are
amend or other w ise correct them. To obtain a
must indicate the PTE name, federal e mployer
allocated to the members of the PTE.
copy of such tax records, submit a written
identification number (FEIN), type of tax and
The members may then claim their shares of
request containing the PTE name, address and
tax year(s) to which the document relates.
the Maryland credit. Maryland follows the
identification numbers and specifying the
federal income tax rules as to the allocation of
All PTEs are required to secure a FEIN from
information needed. The request must be
Maryland credits for partners of a partnership
the IRS. The FEIN is the only number used by
signed by an authorized member.
(includes LLC and business trust) and for
the IRS for processing purposes and is also
As authorized by law, information furnished to
shareholders of an S corporation, unless the
the primary number, used by the Mary l and
the Revenue Administration Division may be
Revenue Administration Division. For returns
terms of the Maryland tax credit permits special
given to the IRS, a proper official of any state
allocation. Allocations of credits at the federal
filed without the federal number a temporary
that exchanges tax information with Maryland
num b er will be assigned for processing
level generally must be made in accordance
and to an officer of this State having a right to
with the partners’ respective interests in the
purposes until the actual number is provided.
the information in that officer’s capacity. Also,
partnership at the time the tax credit arises and
The type of tax and tax year(s) are necessary
the information may be obtained in accordance
in accordance with the shareholders’ pro rata
to identify the subject of the document and the
with a proper judicial or legislative order.
shares of the S corporation’s credits. Form
intention of payments. This information ensures
502H must be attached to Form 510 if claiming
that documents are directed to the correct area
SPECIFIC
the Heritage Structure Rehabilitation Tax Credit.
and that payments are applied to the correct
Form 502S must be attached to Form 510 if
INSTRUCTIONS
account.
claiming the Sustainable Communities Tax
SPECIAL NOTE: Complete the federal
Use of Paid Preparers The PTE is
Credit.
income tax return first and use it in preparation
responsible for the timely filing of returns,
Statements to Members The PTE should
of the Maryland return. Use a minus sign (-) in
payment of tax, responding to requests and all
provide to its members a Maryland Form 510,
front of a number to indicate a negative
other requirements, even though a paid
Schedule K-1 showing the allocable share of
amount. After completing the Maryland return,
preparer is used.
income, modifications, and or credit information.
assemble your return in the following order:
Substitute Forms Maryland income tax
Alternatively, the federal Schedule K-1 provided
Maryland Pass-through Entity Form 510
returns may be reproduced and filed on
by the PTE to each of its members must be
including all Form 510 Schedules B, any
computer-prepared or computer-generated
modified to include: the share of Maryland
required Maryland forms and their related
substitute forms provided that they are
addition and subtraction modifications (including
attachments, any K-1 forms showing credits
approved in advance by the Maryland Revenue
decoupling modifications from Form 500DM),
earned by the PTE and for S-corporations a
Administration Division. Reproductions or
the share of credits from Forms 502H, 502S
copy of the federal income tax return through
substitutes of forms in which machine-readable
and 500CR (see front inside cover) and, in the
Schedule M2.
taxpayer information has been preprinted by
case of each nonresident member, the amount
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