Wyoming Sales Tax Guide
Chapter 7: How to manage late Wyoming sales tax return filing
Hopefully you don't need to worry about this chapter because you're getting your Wyoming 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 Wyoming 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 Wyoming Department of Revenue?
The Wyoming Department of Revenue may levy two penalties in the event of late payment of taxes due.
- Late Payment: The failure to remit tax due to the Wyoming Department of Revenue in a timely manner may result in a penalty equal to 10 percent of the sales tax due.
- Late Filing: The failure to file a Wyoming tax return in a timely manner may result in a penalty of $10.00, regardless of whether any tax is due. If the tax return remains outstanding for more than days following notice from the Wyoming Department of Revenue, you will receive a second notice and be fined an additional $25.00.
Outstanding taxes are charged interest at an interest rate established by the Wyoming State Treasurer annually. Visit the Wyoming Department of Revenue website to determine the rate for the current year.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 Wyoming 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 Wyoming sales and use tax liability.