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Illinois Enacts Tax Amnesty

On June 5th, the Governor signed into law the state budget for Fiscal Year 2020, including the enactment of a number of new tax provisions. As a result, the Illinois’ Department of Revenue will be offering a Tax Amnesty program which will be run from October 1, 2019 through November 15, 2019.

The program is for taxpayers who have periods ending June 30, 2011, and before July 1, 2018. The program allows taxpayers to pay the balance of overdue taxes and have any interest or penalties owed waived.

Amnesty will be granted if all the conditions are satisfied, but will be invalidated if the participant fails to pay all taxes due to the state. Those involved with criminal investigation or litigation are not allowed to participate in the program. The department cannot prosecute participants for the period of which amnesty is granted, and will not impose any additional penalties on taxpayers who do not participate in the program. Additional guidance from the Department is expected.

Authors: Jason Rosenberg, CPA, CGMA, EA, MST   |  jrosenberg@withum.com  and  Kristyn Amato  |   kamato@withum.com

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