- Minnesota requires certain businesses to make accelerated sales tax payments
- Businesses must prepay 5.6 percent of June tax liability two business days before June 30
- Remaining balance is due by August 20
- Applies to businesses with annual sales tax liabilities of 250,000 dollars or more
- Effective for taxes remitted after May 31, 2027
- A 10 percent penalty is imposed for late accelerated payments
- Part of a larger tax bill including income tax, property tax, and cannabis excise tax
- Potential cash flow impact on businesses with large sales volume
- Minnesota Department of Revenue will provide further guidance
- Businesses should review tax compliance to avoid penalties and ensure timely payments
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.
