{2 minutes to read}  Are you an owner of a business registered as an entity in Maryland or registered in Maryland to do business in Maryland? If so, here is an important tip — check the status of your annual report filings, so you don't get dinged by the State Department of Assessments and Taxation (SDAT).

If you own a Maryland-registered company, go to the SDAT website, and check that your company's Annual Report and Personal Property Tax Return were received by the SDAT. The SDAT has become much more streamlined, and now many filings are done online, allowing the state to identify and flag businesses for filings that are late.

Recently, the SDAT has put notices on the website for each entity that has not filed its personal property tax return or annual report. Those reports were due on April 15th, and if you haven't filed both or requested an extension, you may have a note on the website indicating that your company is not in good standing. If the company continues to be not in good standing and the reports continue unfiled, the state can take the next step, forfeiting your company charter.

If you go to the SDAT website and see that your company is not in good standing for failure to file those reports, it's an easy fix. File those reports online. (Depending on when you file, you may or may not have to pay a late fee.) If you get to the next stage and the charter is forfeited, it's not such an easy fix, so check online now to confirm that your entity is in good standing, and don't risk losing your charter.

For more information, go to my website, TaylorLegal.com.