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

The Illinois Department of Revenue (DOR) Dec. 1, 2023 released withholding Form IL-501, Payment Coupon, and instructions, for individual income and corporate income tax purposes. The instructions provide that: 1) taxpayers who withhold more than $12,000 during a quarter must pay electronically and start using the semi-weekly payment schedule for the following quarter, the rest of the year, and the next year; 2) the payment amount depends on the amount the taxpayer withholds from their payee, minus any credits received from the Department of Commerce and Economic Opportunity or the DOR; 3) taxpayers are encouraged to pay electronically; 4) taxpayers ...