Ill. Admin. Code tit. 86, § 511.120 - Electronic Fund Transfer and Estimated Payments
a) Estimated payments
1) A taxpayer whose average monthly
liability to the Department under the Law was $10,000 or more
during the preceding calendar year, excluding the month of highest liability
and the month of lowest liability in such calendar year, and who is not
operated by a unit of local government, shall make estimated payments to the
Department on or before the 7th,
15th, 22nd and last day
of the month during which tax liability to the Department is incurred in an
amount not less than the lower of either 22.5% of such delivering supplier's
actual tax liability for the month or 25% of such taxpayer's
actual tax liability for the same calendar month of the preceding year.
The amount of such quarter-monthly payments shall be credited against the final
tax liability of such taxpayer's return for that
month.
2)
An
outstanding credit approved by the Department or a credit memorandum issued by
the Department arising from such taxpayer's overpayment
of the taxpayer's final tax liability for any month may be
applied to reduce the amount of any subsequent quarter-monthly payment or
credited against the final tax liability of such taxpayer's
return for any subsequent month.
3)
If any quarter-monthly payment is
not paid at the time or in the amount required by this Section,
such taxpayer shall be liable for penalty and interest
on the difference between the minimum amount due as a payment and the amount of
such payment actually and timely paid, except insofar as such tax
payer has previously made payments for that month to the Department in
excess of the minimum payments previously due. [35 ILCS
640/2-9 and 2-11]
b) Electronic funds transfer
1)
A taxpayer (other than an
individual taxpayer) who has an annual tax liability of $20,000 or more and an
individual taxpayer who has an annual tax liability of $200,000 or more shall
make all payments of the tax to the Department by electronic
funds transfer. For purposes of this subsection (b), the term
"annual tax liability" means, except as provided in subsections (c) and (d) of
Section 2505-210 of the Department of Revenue Law, the sum of
the taxpayer's liabilities under the Law for the immediately
preceding calendar year.
2)
Before August 1 of each year, the
Department will notify all taxpayers required to make payments
by electronic funds transfer. All taxpayers required to make payments by
electronic funds transfer shall make those payments for a minimum of one year
beginning on October 1. [20 ILCS 2505/2505-210 ]
Notes
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