Wisconsin DOR Issues Guidance on Sales Tax Amid Penny Shortage

The Wisconsin Department of Revenue (DOR) has issued guidance to retailers regarding the calculation of Wisconsin sales and use taxes on cash transactions affected by penny shortages due to the United States Treasury no longer minting or producing new pennies for circulation. The guidance clarifies that, despite penny shortages, retailers must continue to calculate sales tax by multiplying the sales price of taxable items by the Wisconsin sales tax rates and rounding to the nearest cent as required by state law, emphasizing that any rounding of cash transactions to the nearest nickel should occur only after sales tax is properly ...