Idaho Sales Tax Guide
Chapter 7: How to manage late Idaho sales tax return filing
Hopefully you don't need to worry about this chapter because you're getting your Idaho 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 Idaho 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 Idaho State Tax Commission?
Delinquent sales tax returns are subject to a penalty of 5% of the outstanding tax due for each delinquent month or portion thereof. If no tax is due, no penalty is assessed. The maximum penalty is 25% while the minimum penalty amount is $10.00.
Interest accrues on delinquent sales tax payments from the due date until the balance is paid. The interest rate for 2015 is 4% per 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 Idaho State Tax Commission 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 Idaho sales and use tax liability.