Save $300 on your 2024 Maryland Annual Report

To All Maryland Business Owners:

With the 2023 year ending, we at KMAF wanted to inform you of a $300 savings.  MarylandSaves provides access to retirement savings through automatic contributions to Roth IRAs for eligible employees of specific, private-sector small businesses. Under the law, employers with an automatic payroll system are required to establish a payroll deposit retirement savings arrangement for employees through a state-run trust. This means employers using an automated payroll system must offer a retirement plan or sign their employees up for MarylandSaves.

For more information, please go to:  https://www.marylandsaves.org/marylandsaves-and-the-law/

The State of Maryland is offering a $300 annual filing fee filing waiver for any business that qualifies based on one of the following two statements:

• If you are a Maryland employer who has been in business for at least two calendar years, employs at least one W-2 employee, and offers an employer-sponsored, automated payroll-deducted retirement savings program (i.e., 401(k) plan, 403(b) plan, Sep Plan, Simple Plan).
  

• If your company is already enrolled in the Maryland Saves program, they will AUTOMATICALLY notify SDAT that you qualify for the $300 Annual Report Filing Fee waiver.  You do not need to do anything else.
  

To receive the 2024 SDAT Annual Report Fee waiver, complete the form link below by December 1, 2023. Completed forms received after December 1, 2023, will qualify for the 2025 SDAT Annual Report Filing Fee waiver.  

https://www.marylandsaves.org/claim-exemption/

Once you apply for this exemption, please forward us a copy of the waiver to taxdept@kmaf.cpa so that we know you are exempt from the filing fee when we prepare your 2024 Annual Report and Personal Property Tax Return. In that email, please let us know the name of the business.

If you have any questions, please reach out.

Christopher Williams, CPA/PFS, CFP®, MST, chrisw@kmaf.cpa

Gregory Litvinuck, CPA, gregl@kmaf.cpa

Office Phone 410-643-4477