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Taxpayers who have a Sales and Use Tax liability in excess of $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. Once a filer 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:

  • 81.4% of actual June liability
  • 81.4% of May liability
  • 81.4% of the average monthly liabil­ity for the previous calendar year

Due Date

The June accelerated payment is due two business days before June 30.  Which falls on June 27, 2019 for the current filing period. The remaining payment and the June sales and use tax return is due August 20. Additional sales tax return filing due dates can be found at the Minnesota Department of Revenue website.

Making a Payment

The accelerated payment should be 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 does 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 percent of the difference between the timely payment and 81.4 percent of the actual June liability.

Questions?

Smith Schafer is an award-winning CPA firm in Minnesota. If you have questions, click here to contact us. We look forward to speaking with you!