Wisconsin Sales Tax Guide
Chapter 7: How to manage late Wisconsin sales tax return filing
Hopefully you don't need to worry about this chapter because you're getting your Wisconsin 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 Wisconsin 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 Wisconsin Department of Revenue?
If your Wisconsin sales tax return is not filed by your assigned due date, you may be assessed interest at the rate of 1.5% per month. This charge is calculated from the due date of the return to the date the tax is paid. You may also be charged a late filing fee of $20 and a negligence penalty and a negligence penalty equal to 5% of the outstanding tax liability for each month or fraction thereof the return is late. This penalty is capped at a maximum of 25%.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 Wisconsin 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 Wisconsin sales and use tax liability.