Maryland Saves Act
The deadline to register with Maryland Saves is coming up. Maryland Saves Act is a program created by the state that is designed to help your employees save for the future. It is a mandatory program that all businesses that have employees must register. This program went into effect on September 15th, 2022. If your business offers a company sponsored Retirement Plan (like a 401k) you can exempt out.
-If your business or company is currently enrolled in Maryland Saves you can disregard this letter.
-If you company was established before January 1st 2022 and have at least one W-2 you must register by December 1st 2023.
-If your business or company filed to be exempt last year you need to re-exempt your company again. (This must be done by December 1st 2023 to get your personal property tax fee for 2024 waived.)
To register your company, you can go to https://marylandsaves.com/employers/program-details, request an access code, and then Register Your Business. If you would like our assistance with this, we are more than happy to help, just reach back out to let us know. Our fee for filings such as this is $150.
If you fail to register your business with Maryland Saves your business status with the state of Maryland will change to “Not in Good Standings”. If you are required to register your $300.00 personal property tax fee will be waived.
If you want assistance or have any questions registering your business you can call the office at 443-328-6609 or visit www.marylandsaves.com or call 1-833-811-7438 from 9:00am to 6:00pm.
Cornerstone Accounting Solutions, LLC