Missouri Sales Tax Guide
Chapter 7: How to manage late Missouri sales tax return filing
Hopefully you don't need to worry about this chapter because you're getting your Missouri 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 Missouri 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 Missouri Department of Revenue?
For late sales tax payments, Missouri taxpayers should multiply the amount of outstanding sales tax by 3 percent (0.03), the current interest rate on delinquent sales tax payments, and enter it in the appropriate field during sales tax filing. The total amount of collected sales tax and interest should then be remitted to the Missouri Department of Revenue.
In addition, quarter-monthly payments made after the due date may result in a five percent penalty being applied to the total amount of sales tax due.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 Missouri 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 Missouri sales and use tax liability.