Louisiana Sales Tax Guide
Chapter 7: How to manage late Louisiana sales tax return filing
Hopefully you don't need to worry about this chapter because you're getting your Louisiana 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 Louisiana 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 Louisiana Department of Revenue?
A Louisiana sales tax return becomes delinquent on the 21st day of the month following the taxable period (monthly, quarterly, or annually). Should a return be filed late, the taxpayer can expect to pay a delinquent penalty of 5 percent for each 30-days or fraction thereof of delinquency. This penalty is not to exceed 25 percent of the net tax due.
In addition to delinquent penalties, a taxpayer may also incur a negligence penalty if circumstances indicate willful negligence or intentional disregard of rules and regulations. Also, an examination fee may be imposed in the event the Louisiana Department of Revenue is required to issue a billing notice necessitated by the filing or lack of filing of this return.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 Louisiana 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 Louisiana sales and use tax liability.