PTE Payments Due April 18th
Posted April 8, 2022 / No comments
The first installment of Pass-through Entity (PTE) estimated tax payments for 2022 are due by 4/18/2022. You may need to take action if this already hasn’t been addressed and want to take advantage of this tax benefit. Please reach out to your TKO representative if you have questions regarding your potential PTE tax liability for Illinois or
Read MoreCannabis Tax Revised
Posted January 18, 2020 / No comments
The imposition date of the local cannabis tax has been revised. The Illinois Dept. of Revenue (IDOR) is informing municipalities and counties that they may begin imposing the local cannabis retailers’ occupation tax beginning July 1, 2020, instead of Sept. 1, 2020, as long as a proper ordinance is filed with the IDOR on or
Read MoreNew Sales Tax Rate 2020
Posted December 4, 2019 / No comments
New sales tax rate changes are going into effect for 2020. The Illinois Dept. of Revenue has issued a bulletin (No. FY 2020-9) informing retailers and servicepersons that, effective Jan. 1, 2020, certain taxing jurisdictions have either imposed or changed their local sales tax rates on general merchandise sales. Cash registers and computer programs must
Read MoreForm 1099-K Guidance
Posted December 4, 2019 / No comments
The Illinois Dept. of Revenue has released a bulletin (No. FY 2020-14) detailing new filing requirements for Forms 1099-K issued to a payee with an Illinois address. Beginning with tax year 2019, Forms 1099-K due March 31, 2020, must be filed with Illinois if the payer is required by the IRS to electronically file Forms
Read MoreIllinois Tax Updates
Posted September 5, 2019 / No comments
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
Read MoreIllinois Tax Delinquency Amnesty Act – Amended
Posted August 14, 2019 / No comments
The Illinois Tax Delinquency Amnesty Act has been amended and will provide an opportunity for taxpayers to have penalties and interest waived on outstanding tax liabilities. Eligible tax liabilities include any tax liability that wasn’t reported or paid for tax periods ending after June 30, 2011, and prior to July 1, 2018. The Tax Amnesty
Read MoreIllinois enacts and amends income tax credits
Posted August 14, 2019 / No comments
Illinois enacts and amends income tax credits. For taxable years beginning on Jan. 1, 2020, an apprenticeship education expense credit is available. The credit is an income tax credit for qualified education expenses incurred by an employer, on behalf of a qualifying apprentice. The credit will be equal to 100% of the qualified education expenses,
Read MoreNon-Home Rule Municipal Retailers’ Occupation Tax
Posted August 8, 2019 / No comments
The nonhome rule municipal retailers’ occupation tax sunset date has been extended. The sunset date went into effect on July 12, 2019. The nonhome rule municipal retailers’ occupation tax for expenditures on municipal operations, public infrastructure or property tax relief is extended from Dec. 31, 2020 to July 1, 2030.
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