Instructions for Initiator of Deposit Tax Return - Initial 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 - Initial Return .

FAQ

Q: What is a deposit tax return?
A: A deposit tax return is a form that needs to be filed by certain businesses in Maine to report their deposits and pay the required tax.

Q: Who needs to file an Initial Deposit Tax Return in Maine?
A: Any business that is required to collect sales tax in Maine and has more than $50,000 in taxable deposits is required to file an Initial Deposit Tax Return.

Q: How often do businesses need to file an Initial Deposit Tax Return?
A: Businesses in Maine need to file an Initial Deposit Tax Return annually.

Q: What information needs to be included in the Initial Deposit Tax Return?
A: The Initial Deposit Tax Return requires businesses to report total deposits, taxable deposits, and the amount of tax due.

Q: When is the deadline to file the Initial Deposit Tax Return in Maine?
A: The Initial Deposit Tax Return is due on or before the 15th day of the month following the end of the reporting period.

Q: Are there any penalties for late filing or non-filing of the Initial Deposit Tax Return?
A: Yes, businesses may be subject to penalties and interest for late filing or non-filing of the Initial Deposit Tax Return.