Corporate Tax

Comptroller’s new tax processing system goes stay with the introduction of corporate earnings tax thebaynet.com | TheBayNet.com

ANNAPOLIS, Md. – Despite the challenges posed by the COVID-19 pandemic, Comptroller Peter Franchot today announced the second phase of the agency’s new tax processing system called Compass, which was launched as planned in the first quarter of 2021.

This phase of the system upgrade focuses on corporate tax processing and collection. Corporate tax processing is becoming more automated and many forms and system-generated notifications have been compressed and optimized to save taxpayers time and provide faster customer service.

“Despite the challenges of a global pandemic, our agency continued to achieve our goal of introducing a significantly improved, more user-friendly reporting and payment system that would allow business owners to better control and manage their accounting,” said Comptroller Franchot I built for the day last year , prepared and trained. I am proud that our team is sticking to the schedule despite the disruption of our normal working conditions. Compass will improve the user experience and allow us to process tax returns faster. At the same time, we are stepping up our efforts to protect taxpayers from fraud. “

The Compass Integrated Tax System will update the state’s tax processing system and integrate it with the data warehouse to create a state-of-the-art program that improves revenue generating projects and reporting capabilities. When fully implemented, some of the benefits will be: improved integration with the agency’s award-winning fraud detection and prevention programs; improved ability for taxpayers to manage their accounts through an online portal; and improving the audit, capture, reporting and estimation functions.

The first phase of the system upgrade was successfully launched on July 6, 2020 and focused on collecting alcohol taxes and renewing licenses. Compass will continue to be implemented gradually over the next few years. Further corporate taxes are to be introduced in 2022.

Related article: Comptroller’s new tax processing system goes live

Related Articles