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9-24-16 Delaware State

Audit: Small businesses owed millions by revenue department

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Audit: Small businesses owed millions by revenue department

JEFFERSON CITY, Mo. (AP) – An audit shows Missouri’s revenue department didn’t pay nearly $20 million owed to closed businesses. The state audit released Tuesday shows the agency had not returned about $19.4 million in cash bonds as of June 2014. Businesses must submit a bond or letter of credit to the Department of Revenue […]

Audit: Small businesses owed millions by revenue department

JEFFERSON CITY, Mo. (AP) – An audit shows Missouri’s revenue department didn’t pay nearly $20 million owed to closed businesses.

The state audit released Tuesday shows the agency had not returned about $19.4 million in cash bonds as of June 2014.

Businesses must submit a bond or letter of credit to the Department of Revenue before they can collect sales tax. Businesses can get that money back after two years of properly paying sales taxes or if they close and don’t owe taxes.

But Democratic Auditor Nicole Galloway says the Revenue Department only returns the cash bonds when businesses request a refund.

The agency in a response included in the audit said it recently started returning bonds. An automatic refund system is set to take effect next year. An agency spokeswoman didn’t immediately comment further.

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By Colin Jeffery

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