Minnesota Monthly Accelerated Sales Tax Payments Suspended
- Jun 15, 2012 | Susan McLain
Currently, businesses with a sales tax liability of $120,000 or more in the previous fiscal year, are required to make accelerated payments. This policy was effective September 1, 2010. However, beginning with the July 2012 payment, this practice is discontinued.
Why? “Pursuant to Minnesota Statutes 289A.20, the cash flow and budget reserve accounts have reached their statutory amounts” and the program can now be suspended.
The June 2012 payment will still be expected on June 28 with the final return and payment due August 20, 2012.
To view the accelerated payment schedule, click here.