The Department of Revenue (IDOR) released an Informational Bulletin to all retailers and servicepersons. For sales and use tax and other related returns due on or after January 1, 2025, the retailers’ discount amount is limited to $1,000 per month. The retailers’ discount is an amount that retailers and servicepersons may claim only if the return is filed on or before the due date and only for a percentage of the taxes paid on or before the due date. The discount is allowed as a reimbursement for the expenses incurred in keeping records, preparing and filing returns, remitting the tax and supplying data to the IDOR on request.
For more information, contact NACDS’ Leigh Knotts at 803-243-7207.