35 ILCS 5/704
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 5/ - Illinois Income Tax Act.|Article 7 - Withholding Tax

 (from Ch. 120, par. 7-704)Sec. 704. Employer's Return and Payment of Tax Withheld.(a) In general, every employer who deducts and withholds or is required  to deduct and withhold tax under this Act prior to January 1, 2008, shall make such payments and  returns as provided in this Section.(b) Quarter Monthly Payments:  Returns.  Every employer who deducts  and withholds or is required to deduct and withhold tax under this Act  shall, on or before the third  banking day following the close of a quarter  monthly period, pay to the Department or to a depositary designated by the  Department, pursuant to regulations prescribed by the Department, the taxes  so required to be deducted and withheld, whenever the aggregate amount  withheld by such employer (together with amounts previously withheld and  not paid to the Department) exceeds $1,000. For purposes of this Section,  Saturdays, Sundays, legal holidays and local bank holidays are not banking  days. A quarter monthly period, for purposes of this subsection, ends on  the 7th, 15th, 22nd and last day of each calendar month.  Every such  employer shall for each calendar quarter, on or before the last day of the  first month following the close of such quarter, and for the calendar year,  on or before January 31 of the succeeding calendar year, make a return with  respect to such taxes in such form and manner as the Department may by  regulations prescribe, and pay to the Department or to a depositary  designated by the Department all withheld taxes not previously paid to  the Department.(c) Monthly Payments:  Returns.  Every employer required to deduct and  withhold tax under this Act shall, on or before the 15th day of the second  and third months of each calendar quarter, and on or before the last day of  the month following the last month of each such quarter, pay to the  Department or to a depositary designated by the Department, pursuant to  regulations prescribed by the Department, the taxes so required to be  deducted and withheld, whenever the aggregate amount withheld by such employer  (together with amounts previously withheld and not paid to the  Department) exceeds $500 but does not exceed $1,000.  Every such employer  shall for each calendar quarter, on or before the last day of the first  month following the close of such quarter, and for the calendar year, on or  before January 31 of the succeeding calendar year, make a return with  respect to such taxes in such form and manner as the Department may by  regulations prescribe, and pay to the Department or to a depositary  designated by the Department all withheld taxes not previously paid to  the Department.(d) Annual Payments:  Returns.  Where the amount of compensation paid  by an employer is not sufficient to require the withholding of tax from the  compensation of any of its employees (or where the aggregate amount  withheld is less than $500), the Department may by regulation permit such  employer to file only an annual return and to pay the taxes required to be  deducted and withheld at the time of filing such annual return.(e) Annual Return.  The Department may, as it deems appropriate, prescribe  by regulation for the filing of annual returns in lieu of quarterly returns  described in subsections (b) and (c).(e-5) Annual Return and Payment.  On and after January 1, 1998,  notwithstanding subsections (b) through (d) of this Section, every employer who  deducts and withholds or is required to deduct and withhold tax from a person  engaged in domestic service employment, as that term is defined in Section 3510  of the Internal Revenue Code, may comply with the requirements of this Section  by filing an annual return and paying the taxes required to be deducted and  withheld on or before the 15th day of the fourth month following the close of  the employer's taxable year.  The annual return may be submitted with the  employer's individual income tax return.(f) Magnetic Media Filing.  Forms W-2 that, pursuant to  the Internal Revenue Code and regulations promulgated thereunder, are  required to be submitted to the Internal Revenue Service on magnetic media,  must also be submitted to the Department on magnetic media for Illinois  purposes, if required by the Department.       (Source: P.A. 95-8, eff. 6-29-07.)