Category: IL State and Local Tax
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Tax News For Investors and Users of Cryptocurrency
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the box Beginning with the tax year 2022, taxpayers must check a box on their tax returns indicating whether they received digital…
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Implications Of The New Illinois Wayfair Economic Nexus Law
The Illinois Dept. of Revenue adopted an emergency regulation that explains the requirements for “Wayfair nexus” after the recent U.S. Supreme Court case. IL has enacted nearly identical selling thresholds as those in the Wayfair case. They require retailers with no physical presence in IL to collect and remit use tax beginning 10/1/18 if the…
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The State Of Illinois Revises Its LLC Delinquency Penalty.
Effective 1/1/19, a limited liability company that’s delinquent and not in good standing for failing to file its annual report and pay the requisite fee, or failing to appoint and maintain a registered agent in IL, must do the following: Within the specified times, it must cure the default before the 1st day of the…