Illinois Tax Updates
The Illinois Dept. of Revenue (IDOR) has issued a compliance alert regarding procedures for reporting the selling price of transaction returns for leases. The alert provides guidance so that dealers are informed on what charges should be included when an alternate selling price is used on Form ST-556-LSE. The IDOR is aware that taxpayers are reporting incorrect selling prices for vehicles that are simultaneously leased and sold, creating an incorrect tax liability. For more information: https://bit.ly/2NEx4OD
ABLE plan provisions have been amended. Effective Aug. 9, 2019, Illinois state law provides that a guardian of the person or a state-appointed guardian will now be recognized as a designated representative for an Achieving a Better Life Experience (ABLE) account. Additionally, the IL state treasurer may enter into agreements with other states to allow IL residents to participate in a plan operated by another state or to allow residents of other states to participate in the IL ABLE plan. The bill also makes conforming and technical changes to the ABLE account program. For more information on IL ABLE accounts: https://bit.ly/2kjYuuQ