St 587 Illinois 2019-2025 Form

What is the St 587?

The St 587 form, also known as the Illinois Tax Exempt Certificate, is a document used by businesses and organizations in Illinois to claim exemption from sales tax. This form is primarily utilized by entities that are not required to pay sales tax on certain purchases, such as non-profit organizations, government agencies, and educational institutions. By completing the St 587, these organizations can ensure compliance with Illinois tax regulations while minimizing their tax liabilities.

How to use the St 587

To effectively use the St 587 form, eligible organizations must fill it out accurately and provide it to their suppliers when making tax-exempt purchases. The form serves as proof of the organization’s tax-exempt status, allowing vendors to exempt the sales tax from the total purchase price. It is important to ensure that all information on the form is complete and correct to avoid any issues with tax compliance. The St 587 must be presented at the time of purchase, as it cannot be submitted retroactively.

Steps to complete the St 587

Completing the St 587 form involves several key steps:

1. Download the St 587 form from a reliable source or obtain a physical copy.
2. Fill in the organization’s name, address, and tax identification number.
3. Specify the type of organization and the reason for the tax exemption.
4. Provide the signature of an authorized representative of the organization.
5. Review the completed form for accuracy before submitting it to the vendor.

Legal use of the St 587

The legal use of the St 587 form is governed by Illinois tax laws. Organizations must ensure that they meet the eligibility criteria for tax exemption to use this form legitimately. Misuse of the St 587, such as submitting it when not eligible for tax exemption, can lead to penalties and fines. It is crucial for organizations to maintain proper documentation and records related to their tax-exempt purchases to substantiate their claims if questioned by tax authorities.

Key elements of the St 587

Several key elements must be included in the St 587 form to ensure its validity:

• Organization Information: Name, address, and tax identification number.
• Type of Organization: Indicate whether the organization is a non-profit, government entity, or educational institution.
• Reason for Exemption: Clearly state the reason for claiming tax exemption.
• Authorized Signature: The form must be signed by an authorized representative.

Form Submission Methods

The St 587 form can be submitted in various ways, depending on the vendor's requirements. Typically, the form is presented directly to the vendor at the time of purchase. Some vendors may allow for electronic submission, while others may require a physical copy. It is advisable for organizations to confirm with their suppliers regarding the preferred submission method to ensure compliance and acceptance of the tax exemption.