Form 500x - Maryland Amended Corporation Income Tax Return - 2012 Page 5
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5AMENDED CORPORATION
FORM
2012
500X
INCOME TAX RETURN
INSTRUCTIONS
For tax years beginning in 2012
Maryland tax on line 9 as these represent nonrefundable credits.
sign and date Form 500X and enter their corporate title.
NOTE: An addition to income is required for certain credits
TAX PREPARERS. If a paid preparer is used, the preparer must
claimed on line 10c. Refer to the instructions for Form 500CR,
sign and date the return and include their name, address and
Business Tax Credits, to determine if any addition modification is
telephone number. They must also enter their preparer's tax
required for the credits you are claiming and follow those
identification number (PTIN). The preparer declares, under the
instructions for including the required addition. If you are
penalties of perjury, that the return is based on all information
claiming credits on line 10c, you must attach a completed Form
required to be reported of which the preparer has knowledge.
500CR. If claiming the Heritage Structure Rehabilitation Tax
Credit and/or Sustainable Communities Tax Credit, enter on line
WHAT TO ATTACH. Attach the following documents and
10d and attach a completed Form 502H and/or 502S. If claiming
information to Form 500X:
a refundable business income tax credit, enter on line 10d and
• If amending the federal return, attach a copy of the actual
attach a completed Form 500CR. If claiming a credit for taxes
federal amended income tax return as filed with the Internal
paid on behalf of the corporation by a pass-through entity, enter
Revenue Service.
on line 10d and attach Maryland Schedule K-1 or other
statement.
• Corporations included in a consolidated filing for federal
purposes must attach a copy of the consolidated amended
Complete lines 11 through 13b, columns A, B and C and enter
return and include a schedule reconciling the separate
any overpayment due on line 14 or balance due on line 15.
adjustments of each member corporation to the consolidated
If there is a balance due on line 15, calculate simple interest
totals.
on that amount from the due date of the original return to the
• A member of a consolidated federal filing that is claiming an
date of payment at an annual rate of 13% or a rate of 1.08% per
NOL carryback must attach a schedule calculating the NOL
month. If the requirement for avoidance of interest for
deduction based on its separate federal taxable income and
underpayment of estimated income tax has not been met, you
loss.
should complete Form 500UP for the tax year being amended
and attach it to your amended return. Add the late payment
• A copy of the final dated audit report must be attached to the
interest charges and any interest and/or penalty charges from
amended return if reporting a federal adjustment such as a
Form 500UP and enter them on line 16. NOTE: If you completed
Revenue Agent Report (RAR). If the IRS audit report is for
and attached Form 500UP with your original return, you should
the consolidated corporation, the final dated audit report and
attach a revised Form 500UP based on the amended changes
a schedule reconciling the separate adjustments of each
reported on Form 500X.
member corporation to the consolidated totals must also 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 must be attached if claiming any credits on line
a result of the amended changes. Any payments made on an
10c.
account after the initial tax paid with the actual return are
• Form 502H, 502S, or Form 500CR, or Maryland Schedule K-1
applied first to penalty, then to interest and lastly to tax due.
must be attached if claiming a credit on line 10d.
These payments may require reallocation depending on the
result of the amendment. We will issue notification of the net
• Form 500UP must be attached if interest/penalty for
balance due or refund when we have completed processing of
underpayment of estimated income tax is due or revised.
the return. NOTE: If the amount of tax due is reduced by reason
• Attach a copy of any extension of time that was filed for the
of a carryback of an NOL, such reduction shall not affect the
year being amended, or any Consent to Extend the Time to
calculation of interest charges for the period ending with the
Assess Tax that was filed with the Internal Revenue Service.
filing date (defined as due date) for the loss year. Any Maryland
penalty charge is not affected by an NOL carryback.
PAYMENT INSTRUCTIONS. Enclose a check or money order
Interest is generally not paid on refunds. Interest will be paid,
made payable to the Comptroller of Maryland for the full amount
however, if a refund is due on an amended return based upon an
of any balance due.
Write the FEIN, type of tax, and the
NOL carryback IF the claim for refund is not processed within 45
beginning and ending dates of the amended year on the check
days of receipt. In such cases, interest will be paid only from the
or money order. DO NOT SEND CASH.
45th day after receipt by the Comptroller’s Office until the date
the refund check is issued.
For more information regarding
MAILING INSTRUCTIONS. Mail the amended return with any
interest, refer to 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
110 Carroll Street
If any changes to the apportionment factor are required due
Annapolis, MD 21411-0001
to the amendment, complete Part C using the amended receipts,
property
and/or
payroll
amounts
and
the
appropriate
apportionment formula.
PART D – EXPLANATION OF CHANGES TO INCOME,
MODIFICATIONS, ADJUSTMENTS,
APPORTIONMENT FACTOR AND CREDITS
Use this section to provide a detailed explanation of the
changes being made on the amended return. Enter the line
number from page 1 for each item you are changing and state
the reason for the change.
SIGNATURE AND VERIFICATION. An authorized officer must
2
COM/RAD 066
12-49
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