In my previous post I laid out the basic details of the upcoming tax amnesty in Illinois. In this post I’d like to address how the amnesty affects individuals who have unfiled tax returns, and I’m going to touch on what can make you ineligible for the amnesty.
If you have unfiled returns
If you have unfiled tax returns for taxes due from a period after June 30, 2002 and before July 1, 2009, you must complete and file all necessary tax returns and then pay all tax liabilities by the end of the amnesty period. If you filed returns in the past but made mistakes, you must file amended returns before the end of the amnesty period. If you submit the required returns and pay your liability before the end of the amnesty period all interest and penalties will be waived. Failure to pay your tax liability before November 8 will result in the doubling of all interest and penalties.
Exceptions to Amnesty
Taxes not collected by the IDOR, balances due on returns ending on or before June 30, 2002 or on or after July 1, 2009, and any International Fuel Tax Agreement (IFTA) liabilities do not qualify for amnesty. In addition, lien filing and lien release fees and bad check penalties are not waived by amnesty. If you only owe penalties and interest, you are not eligible for amnesty. If you are currently party to a criminal investigation or a criminal or civil litigation pending for any tax collected by the IDOR you are ineligible for tax amnesty.
Contact us today to make sure you take full advantage of the amnesty.