Applying-for-a-Wyoming-Sales-Tax-Permit
If you have a business in Wyoming, you would be required to apply for a sales tax permit. Such a permit will enable you to collect sales tax from your customers and forward to the state.
In this article, we will explore why you need a sales tax permit, how to apply for it, and some important details you should know along the way.
Why do you need a sales tax permit?
You need a sales tax permit for several reasons, all of which are compelling.
Legal Requirement: Wyoming requires a permit from the state sales and use tax department to anybody engaged in selling taxable goods and services. This simply confirms that a business operates as expected, adhering to all state regulations.
Recover Sales Tax: Getting this sales tax permit means allowing one to collect the taxes for the sales that individuals may have on their goods and services. This will thus add the tax onto a product or service being sold to recover it afterwards with the state.
Professionalism: Issuance of the sales tax permit indicates that you’re a serious business, respecting the law and abiding by it. This would earn their trust and build a positive reputation.
No Fines: Failure to acquire this permit would make your business liable to fines and other penalties. Your business would not get into legal complications through acquisition of this permit.
Who requires a sales tax permit in Wyoming?
You may be wondering if your business really needs a sales tax permit. In general, you must apply for one if you meet any of the following criteria:
You have a physical presence in Wyoming, like a store or office.
You sell goods or services in Wyoming, even if your business is based in another state.
You meet economic nexus thresholds, which means you have enough sales in Wyoming to create a tax obligation.
Types of Sales Tax Permits in Wyoming
Wyoming has a few types of sales tax permits:
Regular Vendor Permit: This applies to most businesses selling products or services.
Direct Pay Permit: This is for business making big taxable purchases, above $5 million a year.
Temporary Business Permit: If you are selling at craft shows or other temporary events, this is your permit.
Each type of permit is governed by its own laws, so you want to be sure you are choosing the correct one for your business.
How to Obtain a Sales Tax Permit
Applying for a Wyoming sales tax permit is simple. Use this step-by-step process to walk you through how to apply:
Step 1: Collect Required Information
Before you begin your application, be sure you have the following information available to you:
Federal Tax ID (EIN): This is your Employer Identification Number issued by the IRS.
Business Entity Structure: Whether it is a sole proprietorship, partnership, LLC, or corporation.
Business Owner Information: Name, address, and contact information.
NAICS Code: This is your North American Industry Classification System number that identifies what kind of business you have.
Start Date: The date you intend to start doing business in Wyoming.
Step 2: Visit the Wyoming Department of Revenue Website
The easiest way to obtain your sales tax permit is through the Wyoming Department of Revenue’s website. This is the fastest method available, and you will have everything done in the quickest time possible.
Step 3: Create an Account
If you’re a new user, you’ll need to create an account on the Wyoming Internet Filing System (WYIFS). Click on “New Users? Click here to sign up.” Follow the prompts to set up your account.
Step 4: Complete the Application
Once you have established your account, log in with your user name and password. Choose “Sales/Use Tax” to get access to the application form. Fill in the form using the details you obtained previously.
Step 5: Submit Application
Once you have completed the application form, you will submit it online. After submitting, you will receive an email from the state saying that they are processing your application.
Step 6: Wait for Your PIN Number
You should receive another email within three to five business days with your PIN number. This number is important for accessing your account in the future.
Step 7: Receive Your Permit
Once your application is approved, you will receive your Sales and Use Tax License in about 7 to 10 business days. This license will contain your account information and the filing frequency you need to follow.
What Happens After You Apply?
After you get your sales tax permit, the following will occur:
Collect Sales Tax: You can collect sales tax on your sales.
File Tax Returns: You have to file a sales tax return at the end of every month or quarter or year, according to your sales volume.
Remit Collected Tax: You have to remit the collected sales tax to the state within the due date to avoid penalties.
Tips for Success
Stay Organized: Record all your sales and the sales tax you collect. This will prove helpful in filing returns.
Know Your Deadlines: Be updated about when the sales tax returns are submitted to be in line with state law.
Seek Help if Needed: If you feel the procedure is too overwhelming, then ask for the help of a tax professional or services assisting in the registration of sales tax.
Frequently Asked Questions (FAQs)
- How much does it cost to apply for a sales tax permit in Wyoming?
The application fee for a sales tax permit in Wyoming is $60. Once your permit is approved, this fee will be billed to you.
- Do I need to renew my sales tax permit?
No, you don’t need to renew your sales tax permit in Wyoming. After you have it, that’s forever, provided you are operational.
- How long does it take to receive my sales tax permit?
After you submit your application, you can expect to receive your Sales and Use Tax License within 7 to 10 business days if everything is in order.
Conclusion
In conclusion, applying for a sales tax permit in Wyoming is an essential process for any business operating within the state. By following these steps and staying organized, you can navigate the process with ease and ensure your business remains compliant.
If you have any more questions, don’t hesitate to ask!
Need help with the application process? Contact us for guidance on obtaining your Wyoming sales tax permit.
Start your application by visiting the Wyoming Department of Revenue’s official website for more details and forms.