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Friday, 3 July

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Cannabis Tax Revised

Timothy King

Posted By: Timothy King

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

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New Sales Tax Rate 2020

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

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

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Form 1099-K Guidance

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

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

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Illinois Tax Updates

Keith Orr

Posted By: Keith Orr

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

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Illinois Tax Delinquency Amnesty Act – Amended

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

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

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Illinois enacts and amends income tax credits

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

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,

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Non-Home Rule Municipal Retailers’ Occupation Tax

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

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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