Minnesota Sales & Use Tax Accelerated – June Payment

Jun 22, 2020Business, Business Tax

Sales and use tax receipts are generally paid to the state on the 20th day of the month following the month in which a sale is made. Taxpayers who have a sales and use tax liability over $250,000 in the state’s prior fiscal year (July 1 to June 30) are required to make an accelerated payment of the expected June sales tax liability.

Note: Once a taxpayer is required to make a June accelerated payment, they must continue making this payment until notified by the department of revenue that their requirement has changed.

Accelerated Payment Amount

To avoid penalty, the amount of the June accelerated pay­ment must be one of the following:

  • 87.5% of actual June liability
  • 87.5% of May liability
  • 87.5% of the average monthly liabil­ity for the previous calendar year

Due Date

The June accelerated payment is due two business days before June 30. This year it falls on June 26, 2020, for the current filing period. The remaining amount and the June sales and use tax return is due August 20.

Making a Payment

The accelerated payment is made using a Minnesota e-Services account. Select the June sales tax filing period, then select make a payment and choose the “estimated” payment type.

Penalties

If a taxpayer DID NOT make an accelerated payment by the required due date or if it was underpaid, they may be assessed a penalty. The penalty assessed is 10% of the difference between the timely payment and 87.5% of the actual June liability.

Questions regarding the Minnesota Sales & Use Tax Accelerated?

Blank

Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.

Trending Posts

Subscribe to our Blog

Related Industry Posts

A Guide to Planning Your 401k Audit

A Guide to Planning Your 401k Audit

Many business owners offer a 401k plan to their employees. It is a great way to help employees save for retirement, and it allows the owner to contribute to their account as well. It can also be an attractive benefit for hiring and retaining employees in the current...

read more
Tax Strategies for Real Estate Developers

Tax Strategies for Real Estate Developers

Despite the positive outlook for sustainable real estate investments, the market is uncertain. Real estate is traditionally a hedge against inflation and provides steady income even during a recession.

read more

Subscribe to our blog

SEND US A MESSAGE

We appreciate your interest in Smith Schafer and would love to hear from you.So please complete this form or feel free to email us directly at: [email protected]