- Illinois has new requirements for direct pay permit holders regarding sales and use tax
- Direct pay permit holders must review purchase activity by March 31 each year
- Errors in sourcing or tax rate must be corrected by filing an amended return by April 20
- Failure to verify purchase activity and correct errors may result in a $6,000 penalty to the Department of Revenue
- Penalty may be waived if at least 95% of transactions are correctly sourced or if the permit holder acted with ordinary business care and prudence
Source: salestaxinstitute.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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