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. For 2021 calendar year filers, that means the due date for Form G-49 is April 20, 2022.

What is Form G-49?

Form G-49 is a summary of your activity for the entire year. This return must be filed in addition to Periodic General Excise/Use Tax Return (Form G-45).

Form G-49 is used by the taxpayer to reconcile their account for the entire year. It is a summary of business conducted in the past calendar or fiscal year, whichever is applicable. The primary purpose of G-49 is to reconcile gross receipts and other general excise tax information on your periodic returns (G-45s) to your annual return (G-49).

What can cause reconciliation differences?

There are many reasons your gross receipts on your G-45s will not total your annual gross receipts for your year-end reconciliation. For example, if you estimated gross receipts, issued refunds, found exemptions, or your accountant made changes to your year-end financials. If there are differences, you may be due a refund or owe additional taxes. If you are a HiAccounting client, we may be engaged to prepare this reconciliation on your behalf. Contact your HiAccounting team today to inquire.

How to file G-49?

If you’re a HiAccounting client engaged to have us prepare your G-49, we will file your G-49 electronically. If you file this form on your own, we recommend that your Form G-49 be filed electronically through the State’s Internet portal.

What happens if I need to amend Form G-49?

If you file your Form G-49 and later become aware of any changes you must make to reported income and/or exemptions, you may file an amended return on Form G-49 to change the Form G-49 you already filed.

How do I file for an extension?

If you are unable to meet the deadline for filing Form G-49, you may submit a request for an extension to file on Form GEW-TA-RV-6. Approval of an extension request is not automatic. The extension of time to file is not an extension of time for payment. Your payment for any additional tax you estimate must be sent in with your extension request.

If you file and/or pay late, you may have to pay penalties and interest.

HiAccounting can make sure you have your bases covered. Call the Experts!

Hawaii’s General Excise Tax has its nuances and can be less straightforward than a business owner may hope, especially in sectors with additional technicalities. Our team has many years of experience successfully navigating opportunities and mitigating liabilities for companies. With our experience, you can be assured that your business is fully compliant! Call us today at 808.529.9990!

Links:

• Form G-49
• Get Instructions