What's New for Businesses
FY 2012-05 - What's New for Illinois Income Tax
(Posted 01/20/2012)
Electronic Filing (Updated 11/04/2011)
Effective for tax years ending on or after December 31, 2011, corporations, including S corporations, that are required to file their federal Forms U.S. 1120 and U.S. 1120S income tax returns by electronic means, are now required to file their Illinois returns through the IRS and Illinois Modernized Electronic Filing program (MeF). The Illinois MeF program currently supports the
- 2009 Form IL-1120, Corporation Income and Replacement Tax Return, and schedules (excluding unitary filings)
- 2010 Form IL-1120, and all schedules (including all unitary filings)
- 2011 Form IL-1120 and all schedules (in testing)
- 2011 Form IL-1120-ST, Small Business Replacement Tax Return, and all schedules (in testing)
In the event that you are required to file electronically for federal purposes and the Illinois MeF program does not support your return type, you are exempt from the requirement until such a time that we are prepared to include your return type (i.e., partnerships, trusts and estates, exempt organizations, composite returns, pass-through entities). Illinois MeF does not support any amended returns. Therefore, these returns are exempt from the new requirements.
Beginning August 2010, we began accepting the IL-1120 and Schedules electronically. Click here for for more information.
Illinois Small Business Jobs Creation Tax Credit (Posted 06/29/2011)
Businesses - Specific Accounting (Posted 03/09/2011)
Due to the income tax rate increase effective January 1, 2011, and the option for fiscal filers to use a specific accounting method to compute their tax liabilities, the following schedules are now available on our website for those taxpayers wishing to use the specific method of accounting.
- Schedule SA, Specific Accounting Method of Computing Net Income for Corporations
- Schedule SA, Specific Accounting Method of Computing Net Income for Fiduciaries
- Schedule SA, Specific Accounting Method of Computing Net Income for Exempt Organizations
- Schedule SA, Specific Accounting Method of Computing Net Income for Composite Returns
Schedule SA must be filed with the appropriate tax return and any corresponding schedules. For more information about the income tax rate increase, see Informational Bulletin
FY 2011-09, Illinois Income Tax Increase.
