Form 500x - Maryland Amended Corporation Income Tax Return - 2014 Page 5
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52014
AMENDED CORPORATION INCOME
MARYLAND
FORM
TAX RETURN INSTRUCTIONS
500X
For tax years beginning in 2014
You must file your Maryland Amended Form 500X
apportionment formula.
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
If you are claiming credits on line 10c, you must complete the
sign and date Form 500X and enter his/her corporate title.
Form 500CR section of your electronic return. If claiming a
refundable business income tax credit, enter on line 10d and
TAX PREPARERS. If a paid preparer is used, the preparer must
complete the Form 500CR section of the electronic return that
sign and date the return and include his/her name, address and
pertains to refundable business tax credits.
telephone number. The Preparer's Tax Identification Number
(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
claiming a credit for taxes paid on behalf of the corporation by a
• If amending the federal return, attach a copy of the actual
pass-through entity, enter on line 10e and include Maryland
federal amended income tax return as filed with the Internal
Schedule K-1.
Revenue Service.
Complete lines 11 through 13b, columns A, B and C and enter
• Corporations included in a consolidated filing for federal
any overpayment due on line 14 or balance due on line 15.
purposes must attach a copy of the consolidated amended
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
interest charges and any interest and/or penalty charges from
• A copy of the final dated audit report must be attached to
Form 500UP and enter them on line 16.
the amended return if reporting a federal adjustment such as
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
Interest and/or penalty charges for the year of the amendment,
included.
whether previously paid or still outstanding, may be adjusted as
• Form 500CR and/or Form 502S information must be included
a result of the amended changes. Any payments made on an
with the electronic version of Form 500X if claiming any
account after the initial tax paid with the actual return are
business tax credit on lines 10c or 10d.
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 issue notification of the net
filed electronically.
balance due or refund after 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
be paid if a claim for refund is not processed within 45 days of
made payable to the Comptroller of Maryland for the full amount
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:
SPECIFIC INSTRUCTIONS FOR PAGE 2
Comptroller of Maryland
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
property
and/or
payroll
amounts
and
the
appropriate
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