Illinois DOR Releases Income Tax Form IL-501, Withholding Tax Payment Coupon, Instructions

The Illinois Department of Revenue (DOR) Dec. 1, 2022 released Form IL-501, Payment Coupon, and instructions for individual income and corporate income tax purposes. The instructions include: 1) taxpayers who withhold more than $12,000 during a quarter must begin using the semi-weekly payment schedule for the following quarter, the remainder of the year, and the subsequent year; 2) the amount taxpayers pay is dependent upon the amount they withhold from their payee, minus any credit amounts received from the Department of Commerce and Economic Opportunity or the DOR; 3) taxpayers are encouraged to pay electronically; and 4) taxpayers will owe ...