Tax Updates
Illinois Electronic Filing Requirements for Retailers of Motor Vehicles, Watercraft, Aircraft, and Trailers, Effective January 1, 2023
Effective January 1, 2023, Public Act (P.A.) 102-1019 requires retailers to file the following forms and any related attachments electronically if the retailer’s annual gross receipts average $20,000 or more as determined by the Illinois Department of Revenue:
• Form ST-556, Sales Tax Transaction Return
• Form ST-556-LSE, Transaction Return for Leases
Under P.A. 102-1019, if you are required to file electronically and do not, the discount or retailer’s allowance for timely filed and paid returns will be disallowed. These discounts include:
• 1.75 percent on Form ST-556
• 1.75 percent on Form ST-556-LSE
Note: Amended returns filed after January 1, 2023, will not cause apreviously allowed discount or retailer’s allowance to be removed.
What if I am required to file electronically but cannot?
Tax Updates
Illinois Electronic Filing Requirements for Retailers of Motor Vehicles, Watercraft, Aircraft, and Trailers, Effective January 1, 2023
Effective January 1, 2023, Public Act (P.A.) 102-1019 requires retailers to file the following forms and any related attachments electronically if the retailer’s annual gross receipts average $20,000 or more as determined by the Illinois Department of Revenue:
• Form ST-556, Sales Tax Transaction Return
• Form ST-556-LSE, Transaction Return for Leases
Under P.A. 102-1019, if you are required to file electronically and do not, the discount or retailer’s allowance for timely filed and paid returns will be disallowed. These discounts include:
• 1.75 percent on Form ST-556
• 1.75 percent on Form ST-556-LSE
Note: Amended returns filed after January 1, 2023, will not cause apreviously allowed discount or retailer’s allowance to be removed.
What if I am required to file electronically but cannot?
Tax Updates
Missouri Remote Seller/ Markeplace Update
Missouri is the final state to put in effect it’s guidance on economic nexus. Effective January 1, 2023, any remote seller or marketplace facilitator that sells tangible personal property into Missouri must collect and remit vendor’s use tax on the retail sale, if their gross receipts from taxable sales in Missouri exceed $100,000 in a calendar year.
• A remote seller is any seller making sales of tangible personal property into Missouri, but does not have a physical presence in the state.
• A marketplace seller is an entity or person that makes sales through any electronic marketplace operated by a marketplace facilitator.
