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Annual Sales and Use Tax Reconciliation Form

January 04, 2013

Your fourth-quarter payment and quarterly sales tax return are due January 31, 2013.

As of December 17, 2012, the Rhode Island Division of Taxation has begun to mail out annual sales tax reconciliation forms, including line by line instructions. This form serves as a kind of annual report for retailers and helps them to account for their sales, deductions, and other items such as amount of sales tax remitted. The return (on Form T—204R-Annual) is due on or before January 31, 2013. A hard copy can be filed or can more conveniently be filed online through the ACH debit process at https://www.ri.gov/taxation/business/index.php

The annual sales and use tax reconciliation is separate from your quarterly or monthly sales and use tax return. There is no change to the schedule for making sales and use tax payments and for filing sales and use tax returns.

It is important to know that: if you’re a monthly filer, December’s payment and return are due by January 22, 2013. If you’re a quarterly filer, quarter ending December 31, 2012, payment and return are due by January 31, 2013.

Following are answers to some frequently asked questions regarding the annual sales and use tax reconciliation return.

Q: I received a sales tax annual reconciliation form – but it’s for retailers of alcoholic beverages.

The main sales tax annual reconciliation form is being mailed to most retailers.

A separate mailing is going to about 1,500 retailers who sell alcoholic beverages at retail—including restaurants, bars, liquor stores, and others. If you received the form for retailers of alcoholic beverages, (Form T-204A-Annual), please start with the second page, then complete the first page. In Schedule A, make sure you list on Line 1a only alcoholic beverage sales; put all other sales on Line 1b. (For instance, a liquor store would enter sales of beer and wine on Line 1a, sales of small bags of salty snacks on Line 1b.)

Q: Can I file my annual sales tax reconciliation online?

Yes. You may use the state website to file your annual sales tax reconciliation online if you are currently registered to use the website to make electronic payment of sales and use tax via the ACH debit option. You can use the online filing feature if you have a zero balance or balance due. If you have a balance due, the system will prompt you for payment. If you’re due a refund, you can still use the online filing feature – you’ll be given a credit, to be applied against future sales tax obligations, but if you want a refund, you’ll have to formally file for a refund using the Tax Division’s Claim for Refund form. (Select “refund application” under the Document column)

If you have any questions about how to file your annual reconciliation form please contact Paul McVay, member of our State and Local Tax Group.

KLR’s tax professionals are CPAs and attorneys who have specialized training and experience in the Boston market place in all matter of Federal, State and Local Tax Issues. They have expertise in compliance reviews, nexus studies, voluntary disclosure issues, transfer pricing, M&A assistance, cost segregation studies and research & development, film and energy tax credits.

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