587 2019-2025 Form
What is the St 587?
The St 587 form, also known as the exemption certificate for equipment, is a crucial document used in Illinois for tax purposes. It allows businesses to claim an exemption from sales tax when purchasing equipment that will be used in manufacturing, assembling, or processing tangible personal property. Understanding the purpose of this form is essential for businesses looking to optimize their tax liabilities and ensure compliance with state regulations.
How to use the St 587
To use the St 587 form effectively, businesses must complete it accurately before making a purchase. The form should be presented to the seller at the time of the transaction. This allows the seller to exempt the sale from sales tax, provided that the equipment qualifies under the state’s exemption criteria. It is important to retain a copy of the completed form for record-keeping and potential audits.
Steps to complete the St 587
Completing the St 587 form involves several key steps:
- Begin by entering your business name and address at the top of the form.
- Indicate the type of equipment being purchased and its intended use.
- Provide the seller's name and address, ensuring accuracy for proper documentation.
- Sign and date the form to validate the exemption claim.
Double-check all entries for accuracy before submission to avoid issues with the exemption claim.
Legal use of the St 587
The legal use of the St 587 form is governed by Illinois tax laws. Businesses must ensure that the equipment purchased qualifies for the exemption under the state’s regulations. Misuse of the form, such as claiming exemptions for ineligible purchases, can lead to penalties and interest on unpaid taxes. It is advisable to consult with a tax professional if there are uncertainties regarding eligibility.
Required Documents
When completing the St 587 form, certain documents may be required to substantiate the exemption claim. These can include:
- A copy of the purchase invoice for the equipment.
- Documentation showing the intended use of the equipment.
- Any prior correspondence with the Illinois Department of Revenue regarding exemptions.
Having these documents ready can facilitate a smoother process and provide necessary evidence in case of an audit.
Form Submission Methods
The St 587 form can be submitted in several ways, depending on the seller's preferences:
- Directly to the seller at the point of sale.
- As part of a larger tax filing if required by the Illinois Department of Revenue.
It is important to follow the seller's specific submission requirements to ensure the exemption is honored.
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