Illinois Sales Tax Rate Change
Effective July 1, 2024, several taxing jurisdictions have implemented changes to their local sales tax rates on general merchandise sales. Below are a few detailed steps and resources to help you navigate this transition smoothly.
Key Steps:
- Update Your Systems: Ensure your sales systems are updated to reflect the new local sales tax rates starting July 1, 2024. Failing to do so could result in incorrect tax collection, which might lead to penalties or fines.
- Contact Your Software Vendor: If a third-party software handles your sales tax calculations, contact your vendor to ensure they know these changes and can update your system accordingly.
- Verify the New Sales Tax Rates: To find your new combined sales tax rate (state and local taxes), visit the MyTax Illinois Tax Rate Finder. Select the rates for July 2024 to ensure you are using the correct figures.
We understand that tax compliance can be complex and sometimes challenging. If you need help updating your systems or have any questions about the new tax rates, do not hesitate to contact us. We are here to assist you in ensuring a smooth transition and compliance with the latest tax regulations.
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About the Author: Rachael Lesperance
Consider Rachael Lesperance the “Swiss Army knife” of Eccezion. Her versatility has proven invaluable since she joined the firm in 2011, always at the ready to jump in whenever and wherever needed. “I particularly enjoy working with local small businesses, whether it be assisting with their financial statements or finding ways to minimize their tax burden. Investing in the community that way is important to me.”
