Illinois Businesses Get Sales Tax Payment Reprieve
As part of a series of new measures to relieve pressure on small businesses, the State of Illinois announced that it is allowing the deferral of sales tax payments by waiving all penalties and interest for two months. The provision is expected to benefit 24,000 small and medium sized bars and restaurants, accounting for nearly 80% of all such entities statewide.
Eligible taxpayers are eating and drinking establishments that incurred less than $75,000 in sales tax liabilities in calendar 2019. Penalties and interest will automatically be waived on payments due in March, April or May if paid late.
Qualified taxpayers must still file their sales tax return even if they are unable to make a payment. Any taxpayers taking advantage of this relief will be required to pay their sales tax liabilities due in March, April and May in four installments starting on May 20th and extending through August 20th. For more information, please view Illinois Department of Revenue informational bulletin available at tax.illinois.gov.