011-2 Wyo. Code R. § 2-5

Current through April 27, 2019

Section 2-5 - Reporting

(a) Reporting Frequency. The Department shall assign vendors a filing frequency at the time of licensing. Filing frequency may be changed by the Department based on the volume of sales/use tax collected and other criteria as established in policy and procedure guidelines. Filing frequency assigned by the Department shall be monthly, quarterly or annually. Vendors volunteering to collect Wyoming sales and use tax through the Streamlined Sales and Use Tax Agreement shall file at least on an annual basis or whenever the vendor has collected in excess of $1,000.

(b) Reporting Forms. Vendors shall file sales/use tax data on sales/use tax returns provided by the Department or in other format or media as approved by the Department. Returns shall be rejected if not completed in accordance with the instructions provided. A vendor shall have fifteen (15) calendar days from the date of notification to submit a corrected report without incurring late filing penalties, as long as the original report was filed on time.

(c) Due Date. Monthly filers shall submit returns and tax on or before the last day of the month following the month in which the sales occurred; quarterly filers shall submit returns and tax on or before January 31, April 30, July 31 and October 31 of each calendar year and annual filers shall submit returns on or before January 31 of each calendar year. If a due date falls on a weekend or federal or Wyoming state holiday the next business day serves as the new due date.

(i) Consumers, including contractors, remitting sales or use tax not paid to vendors shall remit the tax on or before the last day of the month following the month of purchase.

(ii) The postmark date recorded by the Department or date submitted electronically shall be deemed the date of filing. Consumers remitting tax and/or tax returns in person shall receive a receipt indicating the amount of tax paid and the date received. Hand delivered returns shall be date stamped by the Department at the time received.

(d) Credit.

(i) Vendors and direct payers who report and remit sales and use taxes which they have collected and/or accrued on or before the 15th day of the month in the month when the tax is due are entitled to a credit against the taxes paid. A return shall be considered timely if it is postmarked on or before the 15th of the month when due.

(ii) Any person not holding a valid Wyoming sales and use tax license is not allowed credit against taxes paid.

(iii) Any person requesting an extension of the filing due date shall not be allowed to claim the credit for early payment of the taxes due.

(iv) The credit allowed shall be limited to each person acting as a vendor or direct payor in Wyoming and not to each license held by the person. Should the total tax remitted from all locations reported by the vendor exceed the amount which would result in the $500 cap on the credit the vendor shall be limited to a $500 credit.

(v) Any amendments to taxes previously reported are not eligible for the credit unless the amendment is also reported prior to the 15th of the month when the taxes are due. Should the amendment reduce the amount of tax originally reported the credit originally allowed shall be reduced accordingly.

(vi) Any vendor or direct payor that has an outstanding balance on their account from either unpaid taxes or a department assessment shall be ineligible for credits on their current taxes.

(vii) Any return and payment not postmarked by the discount date.

(e) Extension. The Department may grant extensions of filing due date if extenuating circumstances exist which prevent the filer from filing in a timely manner. Requests for extension shall be made in writing to the Excise Division Administrator and shall thoroughly explain the reason for the request.

(f) Returned Tangible Personal Property. Vendors shall refund the sales tax paid by the purchaser on any sale which is rescinded in its entirety. Vendors may claim a deduction from gross sales for the amount of the rescinded sale.

(g) Deductions. Vendors are entitled to claim a deduction from gross receipts on the tax return for refunds.

(i) Commissions Not Deductible. Commissions paid to sales agents for their services in making sales shall not be deductible from the sales price of property or services sold.

(ii) Discounts. Discounts allowed at the time of sale shall be deducted from the taxable sales price. Discounts offered at the time of sale as incentive for prompt payment shall be deducted from the sales price only upon acceptance of the discount. Tax at the time of the sale shall be calculated on the undiscounted amount and if the discount is subsequently taken shall be credited against future tax liability.

(h) Merchandise Used or Consumed by Vendors. Tangible personal property removed from inventory by the vendor for business or personal consumption shall be subject to sales/use tax. The purchase price of the property shall be the tax basis.

(i) Transportation/Freight Charges. Transportation or freight charges are not taxable and shall not be included within the sales price of any retail sale. Transportation or freight charges in a wholesale transaction are a component of cost of goods sold, like markup and overhead, and become part of the sales price paid by the consumer. The exemption availed to the wholesaler in the wholesale transaction cannot be passed through to the consumer in a retail transaction.

(j) Invoices, Bills of Sale, and Receipts. Each vendor of tangible personal property or services upon which a sales or use tax is imposed shall provide a receipt to the purchaser, except as stated in subsection (k). The vendor shall retain copies of all receipts containing the following:

(i) Vendor's name and address;

(ii) Full and accurate description of the property or service sold (make, model, year, serial number);

(iii) Date of sale;

(iv) Discounts, trade-in allowances, and manufacturers' rebates for motor vehicles;

(v) Net sales price; and

(vi) Sales/use tax paid by the purchaser.

(k) Taxes Calculated on Gross Receipts. This method of taxing sales is only allowed when a receipt is not provided to the consumer as part of the sale. Where receipts do not accompany each sale (e.g., coin operated vending sales, bar sales and cover charges, admission tickets and concessions vendors) shall maintain records of tax calculated on the following formula:

Tax=Gross Receipts - (Gross Receipts / (1+ Tax Rate))

Example Gross Receipts = $1,000

Tax Rate = 6%

Tax = $1,000 - ($1,000/(1+.06))

Tax = $1,000 - 943.40

Tax = 56.60

(l) Excess Tax Collected. Excess tax collected shall be returned to the purchaser or, if the purchaser is unknown or cannot be ascertained, remitted to the Department. Vendors shall not be entitled to retain excess taxes collected. Due date of the remittance is the same as provided in subsection (c).

(m) Estimated Tax Returns. A party liable for sales or use tax who is unable to file a tax return containing sales amounts by the due date of the return may file an estimated tax return and make an estimated tax payment prior to the due date of the tax return. Subsequent submission of the tax return and payment of the actual amount of tax due shall be subject to interest and penalty provisions. Estimated tax returns shall be clearly marked and identified as an "Estimated Tax Return." Subsequently submitted returns shall be clearly marked as an "Amended Tax Return." Additional reporting forms may be obtained from the Department.

011-2 Wyo. Code R. § 2-5