Hopefully you don't need to worry about this chapter because you're getting your Nebraska 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 Nebraska 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 Nebraska Department of Revenue?
The penalty for filing a Nebraska sales tax return late or making a payment after the due date is $25.00, or 10 percent of the outstanding sales tax, whichever is greater.
Interest is charged for each month late after 7/1/2011 at a rate of 0.75 percent (multiply by 0.0075).
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 Nebraska 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 Nebraska sales and use tax liability.
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