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The Maryland Saves Retirement Program
The State of Maryland passed legislation requiring Maryland businesses that meet the following criteria to provide a retirement plan for their employees:
be registered to do business in the State of Maryland
have at least one W-2 employee
does not currently offer a qualified retirement savings program
be founded before January 1, 2021
pays employees through an automated payroll system
The MarylandSaves program is a retirement savings program created and run by the State of Maryland. Businesses who meet the criteria above must register and provide employee payroll information to get setup. Employee participation is voluntary. Businesses that participate in the program will qualify for the waiver of the annual $300 fee paid to Maryland as part of the personal property return filing.
The deadline to receive the credit for this year is December 1, 2022.
To learn more please visit https://www.marylandsaves.org/