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News & Events: Corporate, Finance & Acquisitions Update

Illinois Offers Tax Delinquency Amnesty – Interest and Penalties May be Waived

9.6.19

Under the 2019 Illinois Tax Delinquency Amnesty Act, Illinois taxpayers have the opportunity to pay delinquent taxes with the possibility of waiver of interest and penalties. It applies to taxes collected by the Illinois Department of Revenue (IDOR). The tax liability must be paid between October 1, 2019 and November 15, 2019.

Separately, there is also an amnesty for Illinois franchise tax and license fees. These taxes are administered by and paid to the Illinois Secretary of State. Similar to the IDOR taxes, interest and penalties can be waived if delinquent franchise taxes and license fees are paid between October 1, 2019 and November 15, 2019. The last time such an amnesty was offered was in 2008. So this is a rare opportunity for those concerned about late or unpaid franchise taxes or license fees.

More information on the 2019 Illinois Tax Delinquency Amnesty Act can be found at the IDOR website at: https://www2.illinois.gov/rev/research/news/Pages/2019-Illinois-Tax-Amnesty-Program.aspx.

Taxpayers can consult their tax advisers to see if they can benefit from this amnesty. Our firm can assist with respect to the amnesty for Illinois franchise tax and license fees. Please contact Ben Gould at bgould@masudafunai.com or Jennifer Watson at jwatson@masudafunai.com.

©2019 Masuda, Funai, Eifert & Mitchell, Ltd. All rights reserved. This publication should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended solely for informational purposes and you should not act or rely upon information contained herein without consulting a lawyer for advice. This publication may constitute Advertising Material.