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Dealers getting lax in completing Form ST-556: Revenue Department

November 12, 2010

Processors for the Illinois Revenue Department report an uptick in improperly completed Forms ST-556, which causes the submissions to be held and not finalized on time.

The error lies in the failure to complete Section 5 of the form when a vehicle is sold to an out-of-state customer or to another dealer. Section 5 must be completed when a sale is exempt from tax.

Revenue department officials also said some dealers fail to list any trade-in vehicle information, if the customer is granted a trade-in allowance.

In the absence of such information, the dealership could be billed for additional tax due.