Indiana Sales Tax Guide
Chapter 7: How to manage late Indiana sales tax return filing
Hopefully you don't need to worry about this chapter because you're getting your Indiana sales tax filing and remittance done on time and submitted without incident. However, in the real world, mistakes happen. In this chapter, we'll talk about how to avoid costly penalties and fines if you've missed your assigned filing deadline.What do I do if I missed my Indiana sales tax filing deadline?
The first thing to do is get your return filed. This is definitely one of those situations where things are "better late than never." As long as you don't submit your tax filing paperwork, or hold on to the tax dollars you've collected, you may be accruing fines and interest. It's always best to get your filing done and deal with any penalties and interest payments later.What penalties and interest payments are imposed by the Indiana Department of Revenue?
Pursuant to IC 6-8.1-10-1, the rate of interest for an underpayment of tax and an excess tax payment is the percentage rounded to the nearest whole number that equals two percentage points above the average investment yield on state general fund money for the state’s fiscal year ending June 30, 2014, excluding pension fund investments, as provided by the State Treasurer’s office. The rate of interest for an underpayment of tax and an excess tax payment for calendar year 2015 will be 3%.If I acquire a business, am I responsible for any outstanding sales tax debts, penalties, and interest?
Yes! If you are acquiring a business, it is strongly recommended that you contact the Indiana Department of Revenue and inquire about the current state of the potential acquisition. Once you've purchased the business, you will be held responsible for any and all outstanding Indiana sales and use tax liability.