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If you are a registered Illinois retailer or serviceperson, and currently file Form ST-1, you must report use tax on that form.
Businesses that purchase items tax-free for use or consumption in Illinois should use the return whose liability period corresponds to the purchase date of the items for which use tax is due.
However, the penalty is 15% of any amount that is not paid until after the initiation of an audit or investigation of your liability and 20% of any amount that is not paid within 30 days after the issuance of an audit-prepared amended return or Form IL-870, Waiver of Restrictions at the conclusion of the audit or investigation.
The 20% penalty rate also applies to any amount paid within the 30-day period if you fail to sign and return the amended return within that period or if you pay the liability under protest or subsequently file a claim or refund of the payment. Once you've successfully registered for and been issued a Sales Tax License, you are required to file at the completion of each assigned collection period regardless of whether any sales tax was collected. Failure to submit a required zero-tax filing can result in penalties imposed on your business by the Illinois Department of Revenue so don't take this responsibility lightly. The Illinois Department of Revenue requires all businesses to "close their books" by filing a final sales tax return.
If your annual use tax liability is greater than 0, you must pay the tax by the last day of the month following the month in which the purchase was made.
For example, if you were to purchase an asset in February that required you to pay use tax of over 0, you must file the required form and pay the use tax by March 31st.
He earned his BS in accountancy, his master’s in accounting science, and his MST from Northern Illinois University.
This is a free service, but preparing Illinois sales tax (breaking it down by jurisdiction) can be time consuming - especially for larger sellers. Many business owners recognize they are not a tax professional and therefore, choose to outsource their sales tax sales and use tax filing to services like Avalara Trust File or to an accountant or bookkeeper.
The Illinois Department of Revenue wants to be kept up to date on your business growth (or lack thereof) to make sure they are getting the tax dollars due.
By completing ongoing filing of monthly, quarterly, or semi-annual, or annual Illinois sales tax returns, they stay abreast of your growing company.
In most states, there are a number of options for submitting sales tax data to the state.
Business owners may complete a Illinois sales tax filing form and mail it to the Illinois Department of Revenue or they can file electronically online. The filing process forces the business owner to detail their total sales, the amount of sales tax they have collected, and from where.