Illinois DOR Releases Instructions for 2020 Form IL-1120-ST, Small Business Corporation Replacement Tax Return

The Illinois Department of Revenue (DOR) Jan. 1 released instructions for 2020 Form IL-1120-ST, Small Business Corporation Replacement Tax Return, individual income, corporate income, trust income, property tax purposes. The DOR provides: 1) small business corporations must file this schedule for tax year ending on or after Dec. 31, 2020, and before Dec. 31; 2) taxpayers making an extension payment, an estimated payment, a voluntary prepayment of their tax liabilities, or a return payment should pay electronically; 3) answers to general questions on business registration, forms, penalties, and filing requirements; 4) line-by-line instructions; and 5) the apportionment formula for businesses ...