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The original item was published from 1/25/2021 11:20:45 AM to 2/10/2021 12:00:02 AM.

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MML eBulletin

Posted on: January 25, 2021

[ARCHIVED] Comptroller Franchot Announces Tax Season to Begin on February 12

taxes and covid

ANNAPOLIS, Md. (January 21, 2021) - Comptroller Peter Franchot announced today that processing of personal income tax returns for Tax Year 2020 will begin on February 12, 2021, several weeks later than the traditional mid-to-late January opening date. The delayed start allows the Internal Revenue Service (IRS) additional time to implement changes related to federal COVID-19 relief packages.

Corporate income tax returns will be accepted beginning on February 1, 2021.

“This late-starting tax season is yet another result of the global pandemic that has tragically killed more than 400,000 Americans, destroyed tens of thousands of small businesses, cut millions of jobs and depleted individual savings,” Comptroller Franchot said. “My pledge to Maryland taxpayers is to process state returns as quickly as possible and get refunds back into taxpayers’ hands where it can help individuals and the broader economy.”

Last year, the Comptroller’s Office processed more than 3.2 million individual state tax returns with refunds totaling $3.03 billion.

As of now, the filing deadline for 2020 tax returns is the traditional April 15, 2021 date. If the pandemic forces any change to that deadline, the Comptroller’s Office will communicate that information

Taxpayers are encouraged to file their returns electronically for the fastest possible processing and to ensure they receive all possible refunds and to avoid continued delays with the United States Postal Service. A list of approved vendors for use in filing your electronic return can be found on the Comptroller's website.

Maryland taxpayers can also use the agency’s free I-File system to submit their state tax returns.

Comptroller Franchot recognizes that some Marylanders may have difficulty paying their tax liabilities this year due to the pandemic’s impact on individuals, families and businesses. The agency is working with taxpayers experiencing financial difficulty and providing flexible payment plans.

Several important points taxpayers should know as you prepare tax returns:

•             The federal stimulus payments signed in March and December ARE NOT considered income and therefore ARE NOT TAXABLE.

•             Unemployment benefits ARE TAXABLE.

•             Recipients of forgiven PPP (Paycheck Protection Program) loans DO NOT HAVE TO PAY TAXES on the amount forgiven.

•             To the extent they are included in federal adjusted gross income, Maryland COVID-19 grants issued by the Maryland Department of Commerce ARE TAXABLE.

•             Purchases of Personal Protection Equipment, or PPE, ARE DEDUCTIBLE for federal tax purposes, and currently these business expenses deductions flow through to the Maryland return.

Full article including contact and website links for more details.

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