A person who files a federal income tax return shall compute Maryland taxable income for the same annual accounting period and by the same accounting method that is used to compute the income reported on the federal return.
(a) If a person does not file a federal income tax return, the person shall compute Maryland taxable income in accordance with the cash or accrual accounting method that: (1) the person uses to compute income regularly in keeping the person’s books; or (2) the Comptroller requires to reflect clearly the person’s income. (b) If a person does not […]
The taxable year of an individual terminates on the date of death.
(a) A person may change the accounting period used to compute Maryland taxable income to any other period that the Comptroller approves. (b) If a person changes accounting periods, the person shall file a separate return for the period between the close of the previous accounting period and the beginning of the newly adopted accounting period.
