Wyoming Vendor Compensation for Timely Filing
- Sales Tax News
- 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 15th 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.”