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
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.
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.