Replacement taxes are revenues collected by the state of Illinois and paid to local governments to replace money that was lost by local governments when their powers to impose personal property taxes on corporations, partnerships, and other business entities were taken away.
These taxes resulted when the new Illinois Constitution directed the legislature to abolish [...]
Taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year. For those thinking about buying a new car this year, this deduction may give them a little more drive to make their [...]
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Read the story »–> Effective for tax years ending on or after 12/31/08, partnerships, S-Corporations and trusts, are required to make “pass through entity payments of Illinois taxes on behalf of nonresident partners, shareholders, and beneficiaries.
–> Under the new law, a pass-through entity must remit tax withholding to the Illinois Department of Revenue on behalf of nonresident shareholders, [...]
