Illinois DOR Issues FAQ on Penalty for Not Making Estimated Tax Payments

The Illinois Department of Revenue June 1 issued a frequently asked question (FAQ) concerning the penalty for failure to make estimated tax payments, for individual income, corporate income, and trust income tax purposes. The FAQ explains that: 1) taxpayers will owe a late payment penalty for underpayment of estimated tax or failure to pay the required amount by the due date even if they receive a refund; and 2) payments that are late less than 31 days and 31 days or more are penalized at 2 percent and 10 percent of the amount due, respectively. Taxpayers whose income tax exceeds ...