Instructions for Initiator of Deposit Tax Return - Maine

This document was released by Maine Department of Administrative and Financial Services and contains the most recent official instructions for Initiator of Deposit Tax Return .

FAQ

Q: Who needs to file a Deposit Tax Return in Maine?
A: Any individual or business who holds deposits subject to tax in Maine needs to file a Deposit Tax Return.

Q: What is a Deposit Tax Return?
A: A Deposit Tax Return is a form used to report and remit the tax on certain deposits held in Maine.

Q: How often does the Deposit Tax Return need to be filed?
A: The Deposit Tax Return needs to be filed on a quarterly basis, meaning four times a year.

Q: What deposits are subject to tax in Maine?
A: Deposits subject to tax in Maine include certain bank deposits, trust deposits, and unallocated insurance company deposits.

Q: Is there a minimum threshold for filing a Deposit Tax Return?
A: Yes, if your deposits subject to tax are less than $250,000 in a calendar year, you are not required to file a Deposit Tax Return.

Q: What are the consequences of not filing a Deposit Tax Return?
A: Failure to file a Deposit Tax Return can result in penalties and interest being assessed by the Maine Revenue Services.

Q: Are there any exemptions to the deposit tax in Maine?
A: Certain deposits are exempt from the deposit tax, including deposits held by governmental entities and certain nonprofit organizations.