Am I required to make an accelerated payment?
A distributor with a Cigarette Tax liability of $120,000 or more during a fiscal year ending June 30, must accelerate its June liability for the next year. For example, you must accelerate your June 2012 payment if your liability was at least $120,000 from July 1, 2010, to June 30, 2011.
When do I make an accelerated payment?
Two business days before June 30, you must pay your actual May liability and 90 percent of your estimated June liability. The remaining June liability is due on Aug. 18.
When do I file the return associated with my accelerated payment?
The May cigarette tax return is due two business days before June 30. The June cigarette tax return is due on Aug. 18.
What is the penalty for not filing an accelerated payment?
There is no penalty if your accelerated payment in June equals at least 90 percent of either May’s liability or June’s actual liability. Otherwise, a 10 percent penalty is added to the amount that your accelerated payment was short.