Illinois Administrative Code › Title 86 - REVENUE › Part 100 - INCOME TAX › Subpart O - TIME AND PLACE FOR FILING RETURNS › Section 100.5020 - Extensions of Time for Filing Returns: All Taxpayers (IITA Section 505)

Current through Register Vol. 48, No. 28, July 12, 2024
a) Tentative
				Payments. An extension of time to file a return permitted under this Section is
				not to be construed as an extension by the Department of the time for payment
				of tax due on that return.
b)
				Automatic Illinois Extensions. For tax years ending before December 31, 2021,
				the Department will grant an automatic extension of 6 months to taxpayers whose
				returns are due on the fifteenth day of the fourth month after the end of the
				taxable year and 7 months for all other taxpayers to file any Illinois income
				tax return except returns due under Article 7 of the IITA. For tax years ending
				on or after December 31, 2021, the Department will grant an automatic extension
				of 6 months to taxpayers other than corporations and 7 months for corporations
				(8 months for fiscal year June 30th filers eligible for an automatic 7-month
				extension federally) to file any Illinois income tax return except returns due
				under Article 7 of the IITA. No application form need be filed by a taxpayer to
				obtain this extension. If a balance of tentative tax is due, the taxpayer
				should transmit the payment with the appropriate form by the original filing
				due date in order to avoid the penalty for underpayment of tax (IITA Section
				1005) and statutory interest (IITA Section 1003).
c) Additional Extensions Beyond the Automatic
				Extension Period. The Department will approve an additional extension if an
				extension is granted by the Internal Revenue Service beyond the date of the
				automatic extension in subsection (b). For corporations, the additional
				Illinois extension will be one month beyond any approved federal extension. For
				all other taxpayers, the additional extension will be for the length of time
				approved by the Internal Revenue Service. All taxpayers must attach a copy of
				the approved federal extension to their return when it is filed.
d) Penalty and Interest on Underpayment of
				Tax
1) IITA Section 1005 Penalty
A penalty of 6% per annum on any tax underpayment shall be
				  assessed if the amount of tax required to be shown on a return is not paid on
				  or before the date required for filing the return (determined without regard to
				  any extension of time to file) for returns due prior to January 1, 1994. For
				  returns due on and after January 1, 1994, without regard to extensions, the
				  penalty shall be determined in the manner and at the rate prescribed by the
				  UPIA.
2) IITA Section 1003
				Interest
Interest at the rate of 9% per annum (or at the adjusted rate
				  established under IRC section 6621(b)) will be assessed for the period from the
				  due date of the return to the date of payment for any amount of tax not paid on
				  or before the due date (determined without regard to any extension) for returns
				  due before January 1, 1994. For returns due on and after January 1, 1994,
				  without regard to extensions, the penalty shall be determined in the manner and
				  at the rate prescribed by the UPIA.