A quick note about something all Illinois businesses and tax preparers should be aware of — starting 1/1/19, IDOR is going to have all businesses make all tax payments via one type of voucher per entity.

So that means whether you are making:

1) quarterly tax “pre-payments”;

2) extension payments; or,

3) tax due payments;

they’ll all be submitted on one type of voucher for C-Corps (IL-1120-V), one type of voucher for S-Corps (IL-1120-ST-V), one type of voucher for Partnerships (IL-1065-V), etc.

It’s not a big deal in terms of execution — in fact, it makes that part a bit easier — but it’s still really important to know about the change.

It means that when accountants and their clients (or staff members) are referring to tax payments of any of those three kinds, we need to be especially clear about which type it is — since we can’t presume the other person will know what we’re talking about based solely on the form number. (It used to be IL-516-B for most pre-payments, IL-505 for extensions, and then form/entity-specific for tax payments made with the return, so one could just refer to the form number… and the other party would understand what type of payment was being made — and therefore how to log it accordingly).

Also, if clients or staff are going through client memos in QuickBooks or looking through files to figure out what they paid and when, it will be a little harder to determine, since we will no longer have the additional meta-data of the name of the form, in a sense helping us figure it out. Another reason to get better about making sure to enter accurate descriptions in the memo field in your accounting software.

More information here:

http://tax.illinois.gov/Publications/Bulletins/2018/FY-2018-29.pdf

Just wanted to make sure we’re all on the same page! Or rather, the same tax form.

Source: Fiscal Year Bulletins – 2018