Hopefully you don't need to worry about this chapter because you're getting your West Virginia 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 West Virginia 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 West Virginia State Tax Department?
If you file your West Virginia sales tax return after the assigned due date, a late payment penalty equal to 5 percent of the outstanding tax liability for each month, or part thereof, will be applied. The penalty is capped at a maximum of 25 percent.
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 West Virginia State Tax Department 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 West Virginia sales and use tax liability.
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