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City of Chicago, State of Illinois and Federal Government Trying to Help Businesses During Pandemic

On Behalf of | Mar 24, 2020 | Firm News

Illinois Department of Revenue is waiving penalties and interest that would have been imposed for late Sales Tax payments for businesses that are designated as eating and drinking establishments that incurred a Sales Tax liability of less than $75,000 in 2019. Currently, this applies to Sales Tax payments due in February, March or April 2020. The Department of Revenue will allow the payments for those months to be split into equal payments due May, June, July and August 2020. While this provides some relief now, the businesses will need to be able to make their May-August Sales Tax payments + the additional portions for the payments that were originally due in February-April concurrently starting in May.

The IRS has extended both the filing deadline and the payment due date from 4/15/20 to 7/15/20 for 2019 tax returns. This includes individuals, trusts and estates, and corporations. This extension also applies to estimated tax payments that would normally be due by April 15th.

There are currently discussions of a possible tax rebate for individuals and/or bail out offers for businesses. These are currently being negotiated and debated in Congress.

Disclaimer: The information contained in this blog and on this website are for informational purposes only and should not be interpreted to indicate a certain result will occur in your specific legal situation. The information contained in this post and on this site is not legal advice and does not create an attorney-client relationship. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law.