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.
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