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The article reports that Illinois Department of Revenue urges 15 Illinois hospitals to pay property taxes due to its decision to strip property-tax exemptions from three hospitals. Illinois Hospital Association President Maryjane Wurth criticized the action as narrow and inflexible, while hospitals seek...
On July 6, 2017, the Illinois Legislature enacted Public Act 100-0022 (SB9), which made a number of changes to the Illinois Income Tax Act (“IITA”), including repeal of the “non-combination rule”, which precluded a single combined return for members of a unitary business g...
KPMG This Week in State Tax—produced weekly by the KPMG State and Local Tax practice—focuses on recent state and local tax developments. Illinois: The fiscal year 2025 budget revenue bill, which has been or soon will be presented to the governor, makes numerous tax changes. On the corporat...
Any local grocery taxes enacted by ordinance will be administered and enforced by the Illinois Department of Revenue. NOTE:Because the law change would take effect in 2026, it remains possible the state could repeal the elimination of the tax prior to its effective date. However, if the tax ...
Payroll Deduction register New Hire register Preparation of 941 quarterly forms Preparation of 940 federal unemployment forms Preparation of state unemployment forms State and federal reconciliations Notification of all tax payments and filings due to local, state and federal authoritiesAdditional...
Department of Revenue Payment Coupon (IL-501): processed per pay run Withholding Income Tax Return (IL-941): processed quarterly Wage and Tax Statement (IL W-2): processed annuallyMake Illinois payroll tax paymentsWithholding tax payments To make Illinois income tax payments, you must be ...
Illinois is not a member of the Streamlined Sales and Use Tax Agreement. The SSUTA is an agreement adopted by about half of states that ensures that their sales tax laws are simplified to lower the costs associated with compliance. Contact the Illinois Revenue Department ...
Let’s take a look at some of the federal and state tax laws for LLCs in Illinois: To start, all businesses in Illinois must register with the Illinois Department of Revenue. As an LLC member, you’ll be required to pay into Social Security and Medicare through a self-employment tax, ...
$5,000 or more State Tax 4.95% Federal Tax 24% Total: 28.95% If the winner is not a U.S. citizen or resident, the Illinois Lottery withholds a greater amount for taxes. Illinois Lottery tax withholdings on winnings of $600 to $999 for non-U.S. citizens or non-residents WinningsTax...