Sunday, March 22, 2020

Sales Tax

Illinois sales tax was due this past Friday. For those of you not familiar with how tax collection works, businesses in Illinois collect (not charge, stores do not charge sales tax, they collect it on behalf of the state), sales tax on products, not services, purchased in the state and then remit the money to the state by the 20th of each month. If businesses turn in the money late, the state charges them interest and late fees. However, the state has announced it will waive interest and fees on this month's, and likely next month's, sales tax remittance.

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