- Wyoming Department of Revenue allows vendors to take a vendor compensation credit on sales and use tax returns
- Credit is 1.95% of first $6,250 due in taxes and 1% of any amount exceeding $6,250, not to exceed $500 total in any month
- Tax returns and payments must be postmarked or filed electronically by the 15th day of the month in which tax is due
- Vendor returns must be filed and paid in full, with no outstanding balances
- Vendors under audit may still qualify for credit if audit balance is not delinquent
- Vendors may still receive credit if return is rejected and corrected return is filed by new due date
- Amended returns may result in additional tax due, with credit on additional amount if filed before 15th of month tax is due
- Department of Revenue will calculate credit if vendor qualifies but hasn’t calculated it
- Effective July 1, 2024, there will no longer be a two-tiered dollar amount for vendors to qualify for credit
- Vendors will be allowed a credit of 1.95% of tax due if return and payment is postmarked by 15th of month tax is due, capped at $500.00
- Vendor’s account must be in good standing to qualify for credit
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.
