As Maryland businesses continue to navigate tax As Maryland businesses continue to navigate tax compliance, the state is introducing an optional tool for managing estimated payments for pass-through entities (PTEs). Beginning November 1, 2024, this new tool provides PTEs with a more streamlined, secure, and flexible way to handle tax payments.compliance, the state is introducing an optional tool for managing estimated payments for pass-through entities (PTEs). Beginning November 1, 2024, this new tool provides PTEs with a more streamlined, secure, and flexible way to handle tax payments.  

Benefits of the New PTE Estimated Payment Tool 

The payment tool is designed to support both practitioners and businesses by offering a user-friendly interface with features that aim to simplify the estimated payment process: 

• Efficiency and Ease of Use: The online platform provides an efficient alternative to traditional payment methods, allowing users to make payments quickly and easily from any location. 

• Security and Data Protection: With security as a top priority, the tool is built with protocols to ensure safe transactions, helping to protect sensitive financial data. 

• Flexibility with Payment Scheduling: Users have the option to schedule payments for a future date, manage multiple payments, and track payment history for added control over their finances. 

• Greater Transparency: Businesses can benefit from the ability to view and confirm payment status and track transaction history, providing an added layer of transparency and peace of mind. 

Registration and Setup Requirements 

For clients interested in using the PTE estimated payment tool, account setup requires the following information to ensure accuracy and security: 

• A valid Federal Employer Identification Number (FEIN) associated with the PTE account 

• Current mailing address details, including city, state, and 5-digit ZIP code 

• Payment information such as the specific payment amount and chosen date (today or a future date) 

• Banking information, including the bank name, routing number, and account number for direct transactions 

For more detailed information on the setup requirements and process, please refer to the PTE Estimated Payment Tool and the PTE Payment Guide. 

As always, YHB is here to support you in navigating these updates. If you have any questions about implementing this tool or how it might enhance your payment management, please contact us.