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Tax amnesty plan in Illinois

October 4, 2019
By Judy Mason, CPA/Partner, MichaelSilver
Illinois enacted two tax amnesty programs that will be available through Nov. 15, 2019. This is the first tax amnesty Illinois has offered since 2010.
Under both programs, the Illinois Department of Revenue waives applicable interest and penalties.
• The general tax amnesty applies to all taxes due to the State of Illinois for any tax period ending after June 30, 2011, and before July 1, 2018.
• The other tax amnesty applies to franchise tax and license fees taxes due for any tax period ending after March 15, 2008, and on or before June 30, 2019.
Regulations have not yet been issued regarding how amnesty is to be claimed, which forms to use, how payment is to be made, etc. For prior amnesty programs, taxpayers were required to file delinquent and/or amended tax returns, including making the applicable payment, within the short amnesty period.
If you are currently under audit for sales or income tax or are delinquent with your Illinois tax filings, you may be able to participate in the amnesty program and eliminate interest and penalties associated with a liability.