If you are a Maryland-based small business, let me explain two things you may not know about. Number one, how you can save $300 per year on your annual filing requirements with the state of Maryland, and number two, how to offer employees a retirement plan option, even if your company doesn't have or cannot afford a company-sponsored retirement plan. 

Maryland Saves, located online at MarylandSaves.org, is a program that went into effect in September 2022. It is a state-sponsored retirement and savings plan for employees of businesses that do not have a retirement plan. These would be businesses that, for whatever reason, have either opted not to have a retirement plan or just simply can't afford to have a retirement plan for their employees.

For the employees of your business to be eligible to participate in the Maryland Saves plan, all you have to do is go to the MarylandSaves.org website and register your company. There is no cost or contribution required from the employer. There are no reporting requirements from the employer. All that registering does is connect your employees and make them aware of this Maryland State-sponsored plan.

Once employees get connected, they can opt into the plan. The State program handles all dealings and administration. The employer doesn't have to do anything.

In addition to allowing your employees to participate in a retirement plan, when your company registers for Maryland Saves, you will not have to pay that yearly $300 filing fee to file your annual report or personal property tax return. Even if your company has a retirement plan, it can still go into the MarylandSaves.org website, certify it has a plan, and still get that exemption or waiver from the $300 filing fee.

So, it's a no-brainer for any company to go to MarylandSaves.org, and either certify that it's eligible for an exemption or register so that your employees can take advantage of this retirement plan that is completely state-sponsored. Again, that's MarylandSaves.org. There is a link below and a link to download a one-page description of that program. 

FinCEN's Small Business Guide: 
https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf

FinCEN's website, where you can register for updates: https://www.fincen.gov/boi

The website of Frost Law Firm, with whom I'm collaborating to create an entire resource for small businesses to A summary we prepared that we hope synthesizes and simplifies the entire Corporate Transparency Act. 

Comply with the Corporate Transparency Act: Frost Law Firm: https://askfrost.com/beneficial-ownership-information-boi-filing