Ill. Changes Estimated Payment Requirements Due To Coronavirus

Illinois residents and corporations experiencing difficulty in calculating their estimated income tax payments because of the novel coronavirus can base their payments on liabilities from the previous two years, according to recent state Department of Revenue guidance.

Upcoming estimated tax payments can be based on 100% of estimated liabilities for the current year or 100% of the taxpayer's actual tax liability for 2019 or 2018, the department said in a Thursday bulletin. Illinois previously extended its income tax return dates to July 15 from April 15, but the due dates for estimated payments haven't changed.

If a resident or corporation requests a carryforward of an overpayment for 2019, the overpayment can be applied against an estimated payment received on or before April 15, the bulletin said.

--Editing by Joyce Laskowski. 

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