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

The Illinois Department of Revenue (DOR) Jan. 20 released revised line-by-line and specific instructions for Form IL-1120-ST, Illinois Small Business Corporation Replacement Tax Return, for tax year ending on or after Dec. 31, 2021, and before Dec. 31, for individual income tax purposes. Revisions are made to Appendix B, Worksheet 5. The instructions also include new information that: 1) for taxable years ending on or after Dec. 31, 2021, and beginning before Jan. 1, 2026, S corporations can elect to pay pass-through entity (PTE) tax; 2) entities electing to pay PTE tax must make estimated payments for tax years beginning ...