Fillable Maryland Form 500x - Amended Corporation Income Tax Return

2013

AMENDED CORPORATION INCOME

MARYLAND

FORM

TAX RETURN INSTRUCTIONS

500X

For tax years beginning in 2013

Form MW506NRS.

property

and/or

payroll

amounts

and

the

appropriate

apportionment formula.

You must file your Maryland Amended Form 500X

electronically to claim, or change information related to,

PART D – EXPLANATION OF CHANGES TO INCOME,

business income tax credits from Form 500CR. Credits on

MODIFICATIONS, ADJUSTMENTS,

line 10c may not exceed the Maryland tax on line 9 as these

APPORTIONMENT FACTOR AND CREDITS

represent nonrefundable credits.

Use this section to provide a detailed explanation of the changes

NOTE: An addition to income is required for certain credits

being made on the amended return. Enter the line number from

claimed on line 10c. Refer to the instructions for Form 500CR,

page 1 for each item you are changing and state the reason for

Business Tax Credits, to determine if any addition modification is

the change.

required for the credits you are claiming and follow those

instructions for including the required addition.

SIGNATURE AND VERIFICATION. An authorized officer must

sign and date Form 500X and enter his/her corporate title.

If you are claiming credits on line 10c, you must complete the

Form 500CR section of your electronic return. If claiming a

TAX PREPARERS. If a paid preparer is used, the preparer must

refundable business income tax credit, enter on line 10d and

sign and date the return and include his/her name, address and

complete the Form 500CR section of the electronic return that

telephone number. The Preparer's Tax Identification Number

pertains to refundable business tax credits.

(PTIN) must be entered. The preparer declares, under the

An addition modification is required if you are a qualified small

penalties of perjury, that the return is based on all information

business eligible to claim the Maryland Research and Development

required to be reported of which the preparer has knowledge.

Tax Credit.

WHAT TO ATTACH. Attach the following documents and

To claim a Sustainable Communities Tax Credit, complete the

information to Form 500X:

Form 502S electronically and enter the amount on line 10d. If

• If amending the federal return, attach a copy of the actual

claiming a credit for taxes paid on behalf of the corporation by a

federal amended income tax return as filed with the Internal

pass-through entity, enter on line 10e and include Maryland

Revenue Service.

Schedule K-1.

• Corporations included in a consolidated filing for federal

Complete lines 11 through 13b, columns A, B and C and enter

purposes must attach a copy of the consolidated amended

any overpayment due on line 14 or balance due on line 15.

return and include a schedule reconciling the separate

If there is a balance due on line 15, calculate simple interest on

adjustments of each member corporation to the consolidated

that amount from the due date of the original return to the date

totals.

of payment at an annual rate of 13% or a rate of 1.08% per

• A member of a consolidated federal filing claiming an NOL

month. If the requirement for avoidance of interest for

carryback must attach a schedule calculating the NOL

underpayment of estimated income tax has not been met, you

deduction based on its separate federal taxable income and

should complete Form 500UP for the tax year being amended

loss.

and attach it to your amended return. Add the late payment

• A copy of the final dated audit report must be attached to

interest charges and any interest and/or penalty charges from

the amended return if reporting a federal adjustment such as

Form 500UP and enter them on line 16.

a Revenue Agent Report (RAR). If the IRS audit report is for

NOTE: If you completed and attached Form 500UP with your

the consolidated corporation, the final dated audit report

original return, you should attach a revised Form 500UP based

and a schedule reconciling the separate adjustments of each

on the amended changes reported on Form 500X.

member corporation to the consolidated totals also must be

included.

Interest and/or penalty charges for the year of the amendment,

whether previously paid or still outstanding, may be adjusted as

• Form 500CR and/or Form 502S information must be included

with the electronic version of Form 500X if claiming any

a result of the amended changes. Any payments made on an

business tax credit on lines 10c or 10d.

account after the initial tax paid with the actual return are

applied first to penalty, then to interest and lastly to tax due.

• Maryland Schedule K-1 must be attached if claiming a new

These payments may require reallocation depending on the

credit. If claiming a business tax credit, Form 500X must be

result of the amendment. We will notify the net balance due or

filed electronically.

refund when we have processed the return.

• Form 500UP must be attached if interest/penalty for

NOTE: If the amount of tax due is reduced by reason of a

underpayment of estimated income tax is due or revised.

carryback of an NOL, such reduction shall not affect the

• Attach a copy of any extension of time that was filed for the

calculation of interest charges for the period ending with the

year being amended, or any Consent to Extend the Time to

filing date (defined as due date) for the loss year. Any Maryland

Assess Tax that was filed with the Internal Revenue Service.

penalty charge is not affected by an NOL carryback.

PAYMENT INSTRUCTIONS. Enclose a check or money order

Interest is generally not paid on refunds. However, interest will

made payable to the Comptroller of Maryland for the full amount

be paid if a claim for refund is not processed within 45 days of

of any balance due.

Write the FEIN, type of tax, and the

receipt of an amended return based on NOL carryback. In such

beginning and ending dates of the amended year on the check

cases, interest will be paid only from the 45th day after receipt

or money order. DO NOT SEND CASH.

by the Comptroller’s Office until the date the refund check is

issued.

For more information regarding interest, refer to

MAILING INSTRUCTIONS. Mail the amended return with any

Administrative Release 14.

required attachments to:

Comptroller of Maryland

SPECIFIC INSTRUCTIONS FOR PAGE 2

Revenue Administration Division

PART C – COMPUTATION OF APPORTIONMENT FACTOR

Corporation Amended Return Unit

If any changes to the apportionment factor are required due to

110 Carroll Street

the amendment, complete Part C using the amended receipts,

Annapolis, MD 21411-0001

COM/RAD 066

13-49

Maryland Form 500x - Amended Corporation Income Tax Return - 2013 Page 5

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