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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Maryland Estimated Payments Due Date Error?
Maryland Estimated Payments Due Date Error?
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TaxGirl3
Level 5
03-26-2023
12:11 PM
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1) Lacerte 2021 (S-Corp) scheduled 2022 Q2 Maryland Elective PTE estimates for 7/15/2022 even though the PTE estimated payment date wasn’t extended from 6/15/2022. This is causing some very large penalties for a couple clients.
Am I wrong (I hope so!) or did Lacerte make a costly mistake?
2) Lacerte 2022 (Individuals) will consider a 7/15/2022 payment to have been made in Q3 and will therefore calculate a penalty on form 502UP. However, Maryland Tax Alert 02-23-2022B extended 2022 Q1 and 2022 Q2 payment deadlines to 7/15/2022 (this is also noted in the instructions for Form 502UP). My workaround for this was to change the date paid to 6/15/2022.
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