Insights

Filing Fee Waiver for MD Businesses with Retirement Plans

Jeffrey A. Michalik - CPA

If you’re a Maryland employer and provide your employees with a retirement plan, you may be eligible to claim a filing fee waiver and save $300 each year. The State of Maryland started this fee waiver benefit last year in conjunction with its MarylandSaves retirement program.

To qualify for the fee waiver, your business must offer a retirement savings program that allows your employees to contribute a portion of their compensation. For example, having a 401k or SIMPLE plan would qualify. To claim the fee waiver for this coming year, you must act by December 1st to certify your eligibility. The certification is fairly simple and should only take a few minutes.

We understand that some MD employers may have received a notification from Maryland with an access code, but many have not. Either way, you should be able to claim the fee waiver, without an access code, by following the steps below.

You will need your business’ EIN and MD SDAT ID number. Go to www.marylandsaves.com and look for the dark green section indicating “Certify your exemption without an Access Code”. Click on the link in that section to take you to the one-page certification page. Complete all information requested on this web page, including marking the box to certify that the business offers a qualified retirement plan. Be sure to provide an email address at the bottom of the page, so notifications can be directed to you, then click “Submit”.

After submission, a “Thank you for Submission” screen will come up indicating that the process was successfully completed. For your records, we suggest retaining a copy of this screen and any follow up email received.

Again, this certification must be completed by December 1st to claim the fee waiver.  Also, you can expect to have to re-certify each year.

Let us know if we can help.

 

 


PKS & Company, P. A. is a full service accounting firm with offices in Salisbury, Ocean City and Lewes that provides traditional accounting services as well as specialized services in the areas of retirement plan audits and administration, medical practice consulting, estate and trust services, fraud and forensic services and payroll services and offers financial planning and investments through PKS Investment Advisors, LLC.

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