Form 510 - Maryland Pass-Through Entity Income Tax Return - 2012 Page 8
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13MARYLANd
2012
FORM
510
PASS-THROUGH ENTITY
INCOME TAX RETURN INSTRUCTIONS
corporation income tax.
and business trust) and for shareholders
number (FEIN), type of tax and tax
of an S corporation, unless the terms of
year(s) to which the document relates.
On the Form 500: (1) Enter the
the Maryland tax credit permit special
corporation name, federal employer
All PTEs are required to secure a FEIN
allocation. Allocations of credits at the
identification number and tax year; (2)
from the IRS. The FEIN is the only
federal level generally must be made in
Enter the total taxable income on line 1,
number used by the IRS for processing
accordance with the partners’ respective
check the applicable box labeled “Other”
purposes and is also the primary number
interests in the partnership at the time
and enter “1120S”; (3) Report addition
u s ed
b y
t h e
M ar y l an d
R ev en u e
the tax credit arises and in accordance
and subtraction modifications to the
Administration Division.
with the shareholders’ pro rata shares of
extent applicable to the income subject
The type of tax and tax year(s) are
the S corporation’s credits. Form 502H
to federal income tax; and (4) Complete
necessary to identify the subject of the
must be attached to Form 510 if claiming
all other lines as necessary to calculate
document and the intention of payments.
the Heritage Structure Rehabilitation Tax
the amount due (including the lines for
This information ensures that documents
Credit. Form 502S must be attached to
modification to income, apportionment of
are directed to the correct area and that
Form 510 if claiming the Sustainable
income and payments and credits, if
payments are applied to the correct
Communities Tax Credit.
appli cable). Attach payment of the
account.
balance due to the front of Form 500.
Statements to Members
The PTE
should provide to its members a Maryland
Use of Paid Preparers
The PTE is
In addition to filing Form 500 to calculate
Form 510, Schedule K-1 showing the
responsible for the timely filing of
and pay the corporation income tax, also
allocable share of income, additions and
returns, payment of tax, responding to
file Form 510 – Maryland Pass-Through
subtractions, and/or credit information,
requests and all other requirements,
Entity Income Tax Return.
and nonresident tax paid by the PTE on
even though a paid preparer is used.
OTHER MATTERS
behalf of its members.
Substitute Forms
Maryland income
Extension of Time to File If unable to
Audits and Appeals All items reported
tax returns may be reproduced and filed
file Form 510 by the due date, the PTE
on Form 510 are subject to audit,
on computer-prepared or computer-
must submit Form 510E – Maryland
verification and revision. Returns and
generated substitute forms provided that
Application for Extension to File Pass-
amendments are subject to audit and
they are approved in advance by the
Through Entity Income Tax Return.
adjustment for a period of 3 years from
Maryland
Revenue
Administration
the date the return was due (including
Division. Reproductions or substitutes of
The request for extension of time to file
extensions) or the date the return was
forms
in
which
machine-readable
will be granted provided that:
filed, whichever is later.
taxpayer information has been preprinted
1) the application is properly filed and
by the Revenue Administration Division
In the event of revision, the Maryland
submitted by the 15th day of the 4th
may not be used.
Revenue Administration Division will
month following close of the tax year
notify the PTE.
F o r
a d d i t i o n a l
i n f o r m a t i o n ,
s e e
or period for partnerships or by the
Administrative Release 26, Procedures
15th day of the 3rd month for S
Amended Returns To correct an error
for Computer-Printed Substitute Forms,
corporations;
in a previously filed return, complete and
which can be obtained from www.
submit a revised Form 510. Check the
2) an application for extension of time
.
“AMENDED RETURN” box and draw a line
has been filed with the IRS; and
through the barcode on the return. A
Employer Withholding of Income
3) full payment of any balance due is
separate page should be attached
Tax Employers that make payments to
submitted with the application.
containing a detailed explanation of
individuals
of
salaries,
wages
or
Properly and timely filed requests for an
the changes being made, and if the
compensation for personal services must
automatic extension of time will be
federal return has been amended, a
withhold an income tax as prescribed in
granted
for
seven
months
for
S
copy of the federal amended form
p u b l i sh ed
t a b l e s
an d
remi t
t he
corporations and six months for other
must be attached to Form 510. If
withholdings to the Maryland Revenue
PTEs.
additional tax was paid with the original
Administration Division with Form MW506
return, include the amount paid on line
or MW506M – Employer’s Return of
Estimated Income Tax
Every PTE
16b of Form 510. The PTE must give a
Income Tax Withheld.
that reasonably expects Maryland taxable
revised statement to the members
income to develop a tax
in excess of
An annual reconciliation is required to be
advising them of the amendment.
$1,000 for the tax year or period must
filed on Form MW508 – Annual Employer
Members may also be required to file
make quarterly estimated payments with
Withholding Reconciliation Return and
amended income tax returns.
Form 510D Maryland Declaration of
submitted with the state copy of the
Estimated Pass-Through Entity Income
NOTE: Changes made as part of an
wage and tax statements issued to
Tax. If the PTE is required to make
amended return are subject to audit for
employees as required by law.
multiple payments it will use a Form
up to three years from the date the
For additional information regarding
510D for each of the additional payments.
amended return is filed.
employer withholding tax, address, and
This form is available at our Web site.
Adjustments
If the items on the
p h o n e
n u m b e r
s e e
w w w .
Business Tax Credits
Form 500CR
federal return are adjusted by the IRS, a
.
must be completed and attached to Form
copy of the final IRS adjustment report
Privacy Notice The Maryland Revenue
510 if the PTE has generated a business
must be submitted within 90 days.
Admin istration Division requests tax
tax credit. Such credits are not taken on
Copies of the IRS adjustment report
return information to administer the
Form 510, but are allocated to the
must be submitted for each member’s
income tax laws of Maryland, including
members of the PTE.
income tax return.
the determination and collection of the
The members may then claim their
correct taxes and other amounts. Failure
Taxpayer Identification Required for
shares of the Maryland credit. Maryland
to provide all or part of the requested
Returns and Other documents
All
follows the federal income tax rules as to
information may result in the disallowance
returns, correspondence, payments or
the allocation of Maryland credits for
of claimed amounts and an increased tax
other documents must indicate the PTE
partners of a partnership (includes LLC
liability. In addition, the law makes
name, federal employer identification
2
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