SALT Report 1613 – The Wyoming Department of Revenue’s most recent issue of Taxing Issues discusses the eligibility requirements that apply to the vendor compensation credit and the changes in how the Department will notify taxpayer’s of credits to their account
Vendor Compensation Credit
To claim a vendor compensation credit, the vendor’s tax return and payment must be postmarked by the 15th day of the month in which the taxes are due. For example, the July 2012 return and payment must be postmarked by August 15 in order to qualify for the credit.
The Department will reject any vendor compensation credits if the return and payment are not postmarked by the 15th of the month that the taxes are due. If a vendor compensation credit is denied the tax is considered underpaid which will result in a balance due on the vendors’ account.
Notification of Credits
Beginning with the June 2012 return, if a vendor has a credit on its sales tax account, the credit amount will be pre-populated on the credit line of the return. All available credits will be pre-populated on vendors’ returns on a quarterly basis.
Vendors that use the Department’s electronic filing system will have their available credits pre-populated in the summary portion of the electronic return on a quarterly basis.
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