If you own a business in Illinois, you might require a resale number in order to make purchases of products and services free of sales tax. The sales tax exemption number or certificate is another name for the resale number. How to locate and renew your Illinois resale number is provided below.
The Best Way to Locate Your Illinois Resale Number You must sign into the MyTax Illinois website of the Illinois Department of Revenue in order to locate your Illinois resale number. The “Register Now” button is located on the site, and you can create an account there if you don’t already have one.
Click the “Account Maintenance” tab after logging in, then choose “Manage Business Profile.” You should be able to see your resale number, which is also part of your Illinois Business Authorization Certificate (IBA) number. Call the Central Registration Division of the Department of Revenue at 217-785-3707 if you can’t find it.
How to Update an Illinois Resale Certificate
From the date of issuance, your Illinois resale certificate is valid for five years. You must log in to the MyTax Illinois website and choose “Renew My Resale Certificate” from the “Account Maintenance” option in order to renew your certificate. Along with providing your IBA number and other necessary business details, you must also pay a $25 renewal charge.
In some circumstances, you could be required to show proof of your sales tax exempt status using a Certificate of Resale (CRT) form rather than your resale number. For one-time purchases from suppliers who don’t often work with your firm, utilize the CRT form.
You must sign in to the MyTax Illinois website and choose the “Account Maintenance” button from the drop-down menu to “Obtain a Certificate of Resale (CRT)”. You must give your IBA number, along with any pertinent business data, the reason for the transaction, the vendor’s name, and address.
The Internal Revenue Service (IRS) may require you to obtain a tax identification number (TIN) if you are launching a new business in Illinois. This number, which is also used to identify your company for tax purposes, is known as an employer identification number (EIN).
Through the IRS website, you can submit an online TIN/EIN application. As an alternative, you can apply by filling out Form SS-4 and sending it to the IRS via mail or fax. By phoning the IRS Business and Specialty Tax Line at 800-829-4933, you can also submit an application over the phone.
The Illinois Department of Revenue issues the Illinois Business Authorization Certificate (IBA), a document that identifies your company and grants you permission to operate in the state. You can buy products and services without paying sales tax by using your IBA number, which doubles as your resale number.
You must register your business with the Illinois Department of Revenue in order to get an IBA. You can do this by filling out Form REG-1 and sending it in by mail or fax, or you can do it online using the MyTax Illinois website. You must list your company’s name, address, type of business, and other details, as well as the taxes you’ll be in charge of obtaining and remitting. To sum up, it’s simple to locate and renew your Illinois resale number if you know where to look and what to do. You may make sure that your company is correctly registered and allowed to conduct business in the state by using the MyTax Illinois website and adhering to the above-described procedures. Please don’t hesitate to get in touch with the Illinois Department of Revenue if you need help or have any questions.