Like many states, Maryland relies on income, property, sales, and other taxes for much of its revenue. The state income tax is the state's largest single contributor to its general fund. Given Maryland's strategic location on the northeastern seaboard and its considerable population of government and military personnel, tax preparers face unique challenges. They must navigate the complexities of tax rules for residents, nonresidents, part-year residents, and military members, including those earning income internationally.

This course provides an overview of Maryland's tax system, zeroing in on the specific tax regulations applicable to individual taxpayers. It also brings participants up to speed on the latest modifications to Maryland's individual and business taxes, tailored for the 2024 filing season.

Completing this two-hour course counts toward the Maryland Individual Tax Preparers' continuing education requirement for state tax topics; for Maryland and other state CPAs and financial professionals, this technical course will enrich your understanding of the local tax landscape and addresses recent legislative changes.

After successfully completing this course, you will be able to:

• identify the residency status of taxpayers in different circumstances and determine whether each must file a Maryland tax return
• identify the list of software providers approved by the Comptroller of Maryland for the preparation of individual tax returns and business tax returns
• identify the Maryland tax credits for individuals and businesses that expired or were introduced for 2023 (2024 filing season)
• identify the Maryland new subtraction modification for individuals and businesses that were introduced for 2023 (2024 filing season)

Tax Year: 2023