September 8, 2022

IDOR COMPLIANCE ALERT-SALES TAX FILINGS

IDOR has informed the ICPAS Government Relations team of recent report filing errors related to the sales tax holiday on groceries and school supplies. In some instances, the nontaxable sales were excluded from the reports. This is problematic due to the hold harmless provisions for units of local government to enact legislation.  IDOR has provided a COMPLIANCE ALERT addressing filing requirements and calculations.

2022 STATE OF ILLINOIS TAX REBATE RESOURCE PAGE

A resource page for the 2022 State of Illinois property tax and income tax is now online.  The website provides information about rebate eligibility and if you and or your clients need to take any additional action to claim rebates.

IRS GRANTS BROAD RELIEF FOR 2019-2020 TAX RETURNS

Due to the burdens placed on IRS resources by COVID-19, the Service has decided to grant broad relief from certain late filing penalties for 2019 and 2020 tax returns if the returns are filed by September 30, 2022. Newly issued Notice 2022-36 provides that penalties will not be imposed for the late filing of certain returns. If penalties have already been assessed, IRS will abate them. Additionally, if the previously assessed late filing penalties have already been paid, the IRS will refund these amounts.