The Illinois Department of Revenue announced on October 11th in bulletin FY 2023-02 they would be extending the due date to November 15, 2022, for Corporations to file Form IL-1120. The original due date was October 17, 2022. The bulletin addresses calendar year corporate taxpayers. However, a proposed amendment, 86 Ill. Admin. Code 100.5020, would apply the 30-day extension to all tax years ending on or after December 31, 2021. The amendment states, “For tax years ending on or after December 31, 2021, the Department will grant an automatic extension of 6 months to taxpayers other than corporations, and 7 months for corporations (8 months for fiscal year June 30th filers eligible for an automatic 7-month extension federally) to file any Illinois income tax return except returns due under Article 7 of the IITAO”. In the past, Illinois has allowed corporate income taxpayers one month beyond the federal automatic six-month extension to file Illinois tax returns. A change in 2016 to the federal due date for non-June 30 fiscal year filers ended up with the federal and state automatic extension coinciding.
The original date is still in effect for any tax liability payments, and failure to pay by October 17th may result in a penalty and interest due.
SPS/GZ is a full-service tax reporting and stock plan administration firm that provides personalized service and exceptional support, utilizing state-of-the-art technology to business clients of all sizes. We create and e-file, various 1099s, including 1099-NEC, Forms 1042-S, 1098-T, Affordable Care Act tax forms, and Forms 3921 and 3922. Our complete and affordable solution allows administrators to simply upload their tax form data file to our secure portal in a few simple steps and we handle everything else to keep your organization compliant. Contact us today at sales@greenzapato.com or call at (888)375-3049.
