Recognizing that many business taxpayers are struggling to file their federal and state income tax returns on or before the extended filing deadline of October 15 because of the complexities of federal tax reform, the Illinois Department of Revenue announced today that it will abate late filing penalties on a case-by-case basis for returns (forms IL-1120, IL-1120-ST, IL-1065 and IL-1041) due by October 15, 2018, if those returns are filed no later than November 15, 2018.
It is important to note that this penalty relief does not include late payment penalties. Additionally, it may be prudent for taxpayers to include sufficient detail in their requests for penalty abatement about the challenges they encountered in trying to meet the October 15 deadline, given that penalty relief is to be determined on a “case-by-case” basis and may not be automatic.
The Department’s October 11, 2018 announcement with additional detail can be found on its website at illinois.gov.
Client Alert 2018-201