Wyoming Vendor Compensation for Timely Filing

Feb 24, 2012 | Susan McLain

Wyoming passed a law that came into effect this January, 2012 “…allowing businesses collecting sales tax to keep up to 1.95% of that tax each month.” Timely filing discounts are common with states and Wyoming is now no longer an exception. If “…the return and payment are going to be postmarked by the 15^th of the month the tax is due,” then taxpayers can deduct the 1.95% credit.

The calculations work as follows: “Vendors are allowed to take a credit of 1.95% of the total tax due for the first $6250.00 of tax due. For any amount exceeding $6250.00 of tax due vendors are allowed to take a 1% credit, up to a total vendor compensation credit of $500.00 per filing period, per vendor.”

Taxpayers who file monthly and/or quarterly returns use Form 41, available on the Wyoming Department of Revenue website.

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Sales tax rates, rules, and regulations change frequently. Although we hope you'll find this information helpful, this blog is for informational purposes only and does not provide legal or tax advice.

Avalara Author

Susan McLain

Avalara Author Susan McLain

Susan McLain began her career as a technical writer in technology industries such as satellite networking and medical devices. Her skills encompass technical and marketing writing, usability engineering, verification and validation testing and protocol writing, requirements development, business analysis, technical illustration/graphic design and marketing. She has owned her own business providing service to small to medium sized business and in other positions, she has been in project management, documentation and marketing. She is currently the content specialist for Avalara helping to “make sales tax less taxing.”