Get Form G 49

What is the formula for calculating penalty? The penalty for failure to file a return on time is calculated at 5% per month, or part of a month, on the unpaid tax up to a maximum of 25%.

Form G-49 - All filers must file an annual return and reconciliation (Form G-49) after the close of the taxable year. Form G-49 is a summary of your activity for the entire year. This return must be filed in addition to Form G-45.

Hawaii's Annual Return & Reconciliation of General Excise / Use Tax Return (Form G-49) are due the 20th day of the fourth month following the close of the taxable year.

General Excise Tax The GET is a privilege tax imposed on business activity in the State of Hawaii. The tax is imposed on the gross income received by the person en- gaging in the business activity. The GET applies to nearly every form of business activity.

Form G-49 is due on or before the 20th day of the fourth month following the close of the tax year. For taxpayers on a calendar year, this return will be due on April 20th.

Filing Frequency You must file monthly if you will pay more than $4,000 in GET per year. You may file quarterly if you will pay $4,000 or less in GET per year. You may file semiannually if you will pay $2,000 or less in GET per year.

Hawaii does not have a sales tax; instead, we have the GET, which is assessed on all business activities. The tax rate is 0.15% for Insurance Commission, 0.5% for Wholesaling, Manufacturing, Producing, Wholesale Services, and Use Tax on Imports For Resale, and 4% for all others.

You need to get a General Excise Tax permit in Hawaii if you meet economic or physical presence nexus requirements. General Excise Tax is different than sales tax in that sales tax is a tax on customers, while General Excise Tax is a tax on businesses.