SALT Report 1578 – The Minnesota Department of Revenue announced that they have suspended the monthly accelerated payment requirement for taxpayers with sales and use tax liabilities of $120,000 or more during the previous fiscal year.
The June accelerated payment requirement remains in effect and taxpayers will be required to make an estimated payment equal to 90% of their June liability. However, beginning with the July 2012 reporting period, the monthly payment and return will be due on the 20th of the following month.
The Department of Revenue will begin to notify taxpayers if they are affected by the change. Taxpayers will receive a message in their e-Services account and they will also be notified by mail. The notification will provide instructions on how to switch to monthly reporting and how to discontinue the accelerated payments.
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