Illinois released a bulletin (2017-07) with some very important changes to withholding income tax changes and an email blast went out from MyTax this week. The changes apply to 2017, starting with the first quarter.
Here are the important changes for you to be aware of:
ALL IL 941 filers will now be quarterly, there will be no more annual 941 form
ALL taxpayers will be either monthly or semi-weekly depositors. If you pay only quarterly or annually currently, make sure to be aware of your new payment frequency.
There is a second page being added, similar to the Federal 941 Schedule B, that details out when liabilities were incurred so it is very important to keep good records and make payments timely, as there is more information for IL to assess penalties and interest than they have had in the past.
Securities offered through Avantax Investment Services℠, Member FINRA, SIPC. *Investment advisory services offered through Avantax Advisory Services℠ ** Insurance services offered through an Avantax affiliated insurance agency. Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state. The Avantax family of companies exclusively provide investment products and services through its representatives. Although Avantax Wealth Management℠ does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business. This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Content, links, and some material within this website may have been created by a third party for use by an Avantax affiliated representative. This content is for educational and informational purposes only and does not represent the views and opinions of Avantax Wealth Management℠ or its subsidiaries. Avantax Wealth Management℠ is not responsible for and does not control, adopt, or endorse any content contained on any third-party website.