August 28, 2015
Unfiled Sales Tax Returns Tax Preparation Chicago Illinois
One of the easiest ways to get shut down in the State of Illinois is to have Unfiled Sales Tax Returns Tax Preparation Chicago Illinois . I don’t know if this is still true, but it only used to take three unfiled sales tax returns to automatically have a business referred into the audit division. Three. One quarter. That doesn’t mean that they were automatically audited. Most were not. But it certainly means that you got looked at.
I have often thought that Unfiled Illinois Sales Tax Returns are much more hazardous than not filing anything else. Why? Because Sales Tax Audits are unholy nightmares. They audit all four of the taxes that they collect; Income, Payroll, Sales and Use taxes. And they normally open up six or seven years. These things normally take months to complete. They look at every miserable piece of paper that goes through your business for seven years. Federal Income Tax Audits are a breeze in comparison.
Ok, so lets say that you have completely lost your mind and decide not to file your ST-1’s’ They’ll be nice at first. Sooner or later they will send out a demand notice. If you do not comply they will come to your business and demand the Sales Tax Returns. If you don’t have them, it is a potential criminal offense. Criminal as in going to jail criminal. Technically you have taken money from your customers that doesn’t belong to you. It belongs to the State, Not filing and paying your returns can be considered theft. If the amount is large enough, grand larceny.
Many customers are just afraid of taxes in general. Every time they sit down to handle a situation like this, they get fidgety and find something else to do. So find someone that you trust to handle it. Call an accountant. If you have Unfiled Illinois Sales Tax Returns, get them filed.
What if you don’t have the money to pay the overdue sales tax returns. Now you have a real problem. The Department does not take kindly to this sort of behavior. If wasn’t your money in the first place. There is no Offer In Compromise process for unpaid sales taxes. payment plans are very difficult to obtain.Normally they just take your sales tax number away from you. What does that mean. The ability to sell goods at retail inside the State of Illinois is a privilege, not a right. The privilege can be revoked. If you are a retail only business, then everything that you have worked for and built will just be gone. If you get caught selling goods without a sales tax number, you’re going to have an even bigger problem.
And there is no major reason for any of this.
If you are having problems with your Unfiled Sales Tax Returns Tax Preparation Chicago Illinois or have other issues with your taxes, we would love to help. I can be contacted at
Additional Accounting Articles and information on my firm can be found at
August 28, 2015