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Business Growth 3
Illinois Tax Amnesty Coming Soon?
by
David L. Boege
Certified Public Accountant
630-326-9955
The Illinois
state legislature passed a tax amnesty program that is expected to
bring in $250 million in delinquent taxes to the state. Assuming
the measure becomes law, it will cover the taxable period ending
after June 30, 2002 and prior to July 1, 2010. The amnesty period
itself would run for a very short period of time, beginning on
October 1, 2010 and ending November 15, 2010. Generally, all tax
types (collected by the Illinois Department of Revenue) are covered
by the program and the entire tax amount must be paid in full during
the amnesty period.
If passed, the
Illinois Department of Revenue will probably issue “emergency”
regulations prior the law taking effect which will answer certain
procedural questions.
Taxpayers who
come forward to pay their taxes during this period will NOT be
assessed any interest and penalties on the old past due amounts, nor
will they be subject to civil or criminal prosecution.
Taxpayers who
DO NOT come forward during this period and are later determined to
owe taxes for the periods covered by the amnesty period, will owe
double the usual interest and penalty amounts (200% interest and
penalties) and may be subject to civil or criminal prosecution.
Although it is
uncertain if Illinois will have a tax amnesty program at this time,
all taxpayers should be prepared to move forward quickly if the
legislation becomes law. The state is aggressively auditing
business sales and employment tax returns in an effort to help
balance their budgets.
David answers your tax and finance questions
David Boege CPA welcomes
phone calls regarding the Illinois state tax amnesty program or any
other business or personal tax matter. 630-326-9955.
Coffee with the editor:
Join Paul
R. Lloyd for a business casual conversation about your company's future at a
coffee shop near
you. As the publisher and editor of Business Growth Ideas,
Paul welcomes your questions about writing and editing a newsletter. Call 630-393-6516 or send an
email.
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