Maryland is on the hook for $5.4 million in federal taxes resulting from a “novel” IRS audit that even surprised the state’s top tax administrators.
Maryland’s Board of Public Works, the primary administrative agency for fiscal matters, approved a payment of that amount to the federal agency Wednesday to resolve problems uncovered during an audit for the 2020 tax year. The IRS initially sought $16 million from Maryland, but the assessment was lowered after the state provided additional information about the state’s compliance failures. As part of the settlement, the IRS agreed to waive penalties, but Maryland may still be ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.
