What’s New For 2016? - Illinois.gov

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Illinois Department of RevenueIL-1041 Instructions 2016Use for tax years ending on orafter December 31, 2016.What’s new for 2016? Filers with tax years ending on or after July 1, 2017 - Public Act100-0022 increased the income tax rate during your tax year. You mustuse Schedule SA (IL-1041) or the blended income tax rate to calculateyour tax if your tax year ends on or after July 1, 2017. See SpecificInstructions, Schedule SA Instructions (IL-1041), Schedule K-1-T(1),and Informational Bulletin FY 2018-02 for more information.You must also use Schedule K-1-T(3)-FY to calculate the amountof pass-through withholding you must withhold for your nonresidentmembers. Public Act 100-0022 has also retroactively restored the Researchand Development Credit for tax years ending after December 31,2015. Originally, the credit had sunset for these tax years andhad therefore been removed from the original release of the 2016Illinois Income Tax forms.A supplemental Schedule 1299-D (R&D) has been designedto allow you to claim the Research and Development Credit forthe 2016 tax year, if applicable. To claim the credit this year, youmust use Schedule 1299-D (R&D) and include the Research andDevelopment Credit calculated on that schedule in the amount youreport on Schedule 1299-D, Step 1, Section B, Line 61. See theSchedule 1299-D (R&D) instructions for more information.In addition, if you did not claim the Research and DevelopmentCredit on your 2015 return because your tax year ended afterDecember 31, 2015, you may amend that return and the 2015Schedule 1299-D to claim the credit, if applicable. The Illinois filing and payment due date for Form IL-1041 filersremains the 15th day of the 4th month following the close of thetax year. In addition, you will continue to receive an automaticfiling extension of six months. See “When should I file?” in GeneralInformation and Illinois Income Tax Regulations, Section 100.5020 formore information. Form IL-1041, Step 1, has been rearranged. Please review theform carefully when completing this step. If you are a complex trust without distributions, check theappropriate box on Form IL-1041, Step 1, Line D. For tax years ending on or after December 31, 2016, IRC Section807 amounts have been included on Line 15e of the Schedule M(for businesses). In addition, two subtractions have been added toLine 19 of the Schedule M (for businesses). See the Schedule MInstructions for more information. Form IL-1041 and Schedule CR have been redesigned to allowfor a replacement tax credit for income tax paid to another state.See Form IL-1041 and Schedule CR specific instructions for moreinformation. Short-year and fiscal-year filers - The River EdgeRedevelopment Zone Investment Credit has expired for tax yearsbeginning on or after July 12, 2016. If your tax year begins onor after July 12, 2016, you cannot claim this credit on Schedule1299-D, Lines 15a through 15c. You may still claim any distributiveshare of this credit passed through to you on Schedule K-1-P byreporting it on Schedule 1299-D, Line 16. The Enterprise ZoneInvestment Credit is still allowed.IL-1041 Instructions (R-08/17) Short-year and fiscal-year filers - The River EdgeRedevelopment Zone Remediation Credit has expired for tax yearsbeginning on or after July 12, 2016. If your tax year begins onor after July 12, 2016, you cannot claim this credit on Schedule1299-D, Lines 26a through 28. Fiscal-year filers - The Veterans Jobs Credit has expired for taxyears ending after December 31, 2016. If your tax year ends afterDecember 31, 2016, you cannot claim this credit on Schedule1299-D, Lines 34a through 34c. You may still claim any distributiveshare of this credit passed through to you on Schedule K-1-P byreporting it on Schedule 1299-D, Line 35. Fiscal-year filers - Public Act 100-0328 has retroactively restoredthe Angel Investment Credit for tax years ending after December31, 2016. If you did not claim the Angel Investment Credit on your2016 return because your tax year ended after December 31,2016, you may amend that return and the 2016 Schedule 1299-Dto claim the credit, if applicable. The River Edge Historic Preservation Credit was incorrectlyidentified in last year’s Schedule 1299-D and instructions asexpiring for tax years beginning on or after July 28, 2016. If youwere a short-year filer using the 2015 return and did not claimthe River Edge Historic Preservation Credit because your taxyear began on or after July 28, 2016, you may amend that returnto claim the credit. In addition, the sunset date of the River EdgeHistoric Preservation Credit was extended by P.A. 99-0914 andmay be claimed on the 2016 Schedule 1299-D, if applicable. Public Act 100-0408 has extended the period of qualifyinginvestments for the New Markets Development Credit to the end ofthe 2021 taxable year for fiscal-year filers. Short-year filers - Public Act 100-0415 provides the Live TheaterProduction Tax Credit may be claimed for tax years beginning on orafter January 1, 2012, and beginning prior to January 1, 2022. Short-year filers - The Hospital Credit has expired for tax yearsbeginning on or after June 14, 2017. If your tax year begins onor after June 14, 2017, you cannot claim this credit on Schedule1299-D, Lines 54 through 58. You may still claim any distributive shareof this credit passed through to you on Schedule K-1-P by reporting iton Schedule 1299-D, Line 59. However, on Schedule 1299-D, Line 59you may not claim any amount sold or donated to you. The Historic Preservation Credit has expired for tax years endingafter December 31, 2015. You may not claim this credit on your2016 Schedule 1299-D. Schedule 1299-S has been eliminated. See the Department ofCommerce and Economic Opportunity (DCEO) website for a list ofenterprise zones, river edge redevelopment zones, and the DCEOcontact information. As a result of Public Act 99-0641, for taxable years beginning on orafter January 1, 2017, any tax preparer who is paid to prepare anIllinois Business Income Tax return must sign and date the return,enter the preparer tax identification number (PTIN) issued to themby the Internal Revenue Service, and provide their firm’s name,address, and phone number. Form IL-1041 has been revised toenable paid preparers to provide this information.Page 1 of 20

What’s new, continued. The total amounts for nonresident individual and nonresidentestate members have been split into separate lines on Section A ofthe 2016 Schedule D. August 1, 1969, appreciation amounts have been included in theSchedule K-1-T(3) or K-1-T(3)-FY calculation of pass-throughwithholding payments you owe on behalf of your nonresidentmembers. See Schedule K-1-T(1) for more information.Page 2 of 20 Recapture of investment credit and Illinois Income Tax withheldhave been included in the calculation of your own voluntaryprepayment amount calculated in Step 6 of the IL-516-I andIL-516-B workbook.IL-1041 Instructions (R-08/17)

General InformationWho must file Form IL-1041?How do I register my business?You must file Form IL-1041 if you are a fiduciary of a trust or anestate and the trust or the estate has net income or loss as defined under the Illinois IncomeTax Act (IITA), regardless of any deduction for distributions tobeneficiaries; or is a resident of Illinois and files, or is required to file, a federalincome tax return (regardless of net income or loss). (See“When is nonbusiness income allocable to Illinois” to help youcomplete your Form IL-1041.); or is a nonresident of Illinois but received income fromIllinois sources which was not reported as pass-throughwithholding on Form IL-1120-ST, Form IL-1065 or FormIL-1041. You must also file Illinois Schedule NR (FormIL-1041), Nonresident Computation of Fiduciary Income, todetermine the income that is taxed by Illinois during the taxyear. For more information, see Illinois Schedule NR (FormIL-1041) with revision date 12/16 or later.If you are required to file Form IL-1041, you should register withthe Illinois Department of Revenue. You may register“Grantor” trusts are not required to file Form IL-1041.Estates do not pay replacement tax.If the trust or estate is a charitable organization exempt fromfederal income tax by reason of IRC Section 501(a), it is notrequired to file Form IL-1041. However, unrelated businesstaxable income, as determined under IRC Section 512, is subjectto tax (without any deduction for the Illinois income tax) and mustbe reported on Form IL-990-T, Exempt Organization Income andReplacement Tax Return, instead of Form IL-1041. For moreinformation, see Form IL-990-T instructions.What forms must I use? online with MyTax Illinois, our free online accountmanagement program for taxpayers; by completing Form REG-1, Illinois Business RegistrationApplication, and mailing it to the address on the form; or by visiting a regional office.Visit our website at tax.illinois.gov for more information.Registering with the Illinois Department of Revenue (IDOR) priorto filing your return ensures that your tax returns are accuratelyprocessed.Your identification numbers as an Illinois business taxpayer areyour federal employer identification number (FEIN) and yourIllinois account number.When should I file?Your Illinois filing due date is the same as your federal filing duedate. In general, Form IL-1041 is due on or before the 15th day ofthe 4th month following the close of the tax year.Automatic six-month extension — We grant you an automaticsix-month extension of time to file your fiduciary tax return. Youare not required to file Form IL-505-B, Automatic ExtensionPayment, in order to obtain this automatic extension. However, ifyou expect tax to be due, you must use Form IL-505-B to pay anytentative tax due in order to avoid interest and penalty on tax notpaid by the original due date of the return. An extension of time tofile your Form IL-1041 is not an extension of time for payment ofIllinois tax.In general, you must obtain and use forms prescribed by theIllinois Department of Revenue. Separate statements not onforms provided or approved by the Department will not beaccepted and you will be asked for appropriate documentation.Failure to comply with this requirement may result in failureto file penalties, a delay in the processing of your return, ora delay in the generation of any overpayment. Additionally,failure to submit appropriate documentation when requested mayresult in a referral to our Audit Bureau for compliance action.Additional extensions beyond the automatic extensionperiod — We will grant an extension of more than six monthsonly if an extension is granted by the Internal Revenue Service(IRS) beyond the date of the Illinois automatic extension. Youradditional Illinois extension will be for the length of time approvedby the IRS. You must attach a copy of the approved federalextension to your Form IL-1041.Trusts and Estates must complete Form IL-1041. Do notsend a computer printout with line numbers and dollar amountsattached to a blank copy of the return. Computer generatedprintouts are not acceptable, even if they are in the same formatas the Department’s forms. Computer generated forms from aDepartment-approved software developer are acceptable.Payment of tax — You must pay your Illinois Income andReplacement Tax and pass-through withholding reported onbehalf of your members in full on or before the original duedate of the return. This payment date applies even though anautomatic extension for filing the return has been granted.IL-1041 Instructions (R-08/17)When should I pay?Estimated tax payments — For state purposes, trusts andestates are not required to make estimated payments, althoughthey may be required to make federal estimated payments.Page 3 of 20

You may use Form IL-516-I and Form IL-516-B, Pass-throughPrepayment Vouchers, to make voluntary prepayments for taxyears ending on or after December 31, 2014. Form IL-1000,Pass-through Entity Payment Income Tax Return, has beeneliminated for tax years ending on or after December, 31, 2014,and the amounts that would have been reported on Form IL-1000must be reported on your Form IL-1041 and Schedule D, and paid with your Form IL-1041 or Form IL-505-B.Form IL-516-I and Form IL-516-B allow you to voluntarily prepayyour own tax liability as well as make pass-through entityprepayments on behalf of your nonresident beneficiaries.Do not use Form IL-1040-ES, Estimated Income Tax Paymentsfor Individuals, or Form IL-1120-ES, Estimated Income andReplacement Tax Payments for Corporations, to make thesepayments. Doing so may delay the processing of your return. the beneficiaries had income allocable to Illinois and wereliable for income and replacement tax for that or any previoustax period, due to a distribution from the trust or estate.Sales or transfers — If you are a fiduciary that, outside the usualcourse of business, sells or transfers the major part of any one ormore of the stock of goods which you are in the business of selling, the furniture or fixtures of your business, the machinery and equipment of your business, or the real property of your business,you or the purchaser must complete and send us Form CBS-1,Notice of Sale, Purchase, or Transfer of Business Assets, no laterthan 10 days after the date the sale took place. Mail this form,along with copies of the sales contract and financing agreement,to:Who should sign the return?Your Form IL-1041 must be signed by the fiduciary of the trust orestate. If there are two or more joint fiduciaries, the signature ofone will comply with the requirements of the IITA. The signatureverifies by written declaration (and under penalties of perjury) thatthe signing fiduciary has personally examined the return and thereturn is true, correct, and complete. The fact that a fiduciary’sname is signed to a return is prima facie evidence that the fiduciaryis authorized to sign the return on behalf of the trust or estate.Any person paid to prepare the return (other than a fiduciaryof the trust or estate, or a regular, full-time employee of thetaxpayer, such as a clerk, secretary, or bookkeeper) must providea signature, date the return, enter the preparer tax identificationnumber (PTIN) issued to them by the Internal Revenue Service,and provide their firm’s name, address, and phone number.If your return is not signed, any overpayment of tax isconsidered forfeited if, after notice and demand for signature, youfail to provide a signature within three years from the date yourreturn was filed.What are the penalties and interest?Penalties — You will owe a late-filing penalty if you do not file a processable return bythe extended due date; a late-payment penalty if you do not pay the tax you owe bythe original due date of the return; a bad check penalty if your remittance is not honored by yourfinancial institution; a cost of collection fee if you do not pay the amount you owewithin 30 days of the date printed on your bill.Interest — Interest is calculated on tax from the day after theoriginal due date of your return through the date you pay the tax.We will bill you for penalties and interest. For more informationabout penalties and interest, see Publication 103, Penalties andInterest for Illinois Taxes, available at tax.illinois.gov.What if I am discontinuing my business?Terminated — If you are the fiduciary of a trust or estate that hasterminated during any tax year, you are still required to file thetax return. Also, we will pursue the assessment and collection oftaxes if the trust or estate was liable for income and replacement taxfor that or any previous tax period; or,Page 4 of 20ILLINOIS DEPARTMENT OF REVENUEBULK SALES UNIT100 WEST RANDOLPH, LEVEL 7-400CHICAGO IL 60601OrILLINOIS DEPARTMENT OF REVENUEBULK SALES UNITPO BOX 19035SPRINGFIELD IL 62794-9035Request for prompt determination — You may make a requestfor prompt determination of liability, in accordance with IITA35 ILCS 5/905(i), if you are an estate that has terminated. Acompleted tax return must be on file with us before you can submita request for prompt determination. Do not submit your return andrequest at the same time. Mail your initial return to the addressindicated on the form. You should allow 12 weeks for processing.If your request is properly made, the expiration of the statute oflimitations (absent fraud) will not extend beyond 18 months fromthe date of your request. Mail your request and a copy of yourpreviously submitted return to:ILLINOIS DEPARTMENT OF REVENUEPO BOX 19044SPRINGFIELD IL 62794-9044The procedure described above does not apply to11 U.S. Code Section 505 Determination of Tax Liability requests.What if I need to correct or change my return?Do not file another Form IL-1041 with “amended” figures tochange your originally filed Form IL-1041. If you need to corrector change your return after it has been filed, you must fileForm IL-1041-X, Amended Fiduciary Income and ReplacementTax Return. Returns filed before the extended due date of thereturn are treated as your original return for all purposes. For moreinformation, see Form IL-1041-X instructions.You should file Form IL-1041-X only after you have filed aprocessable Illinois Income Tax return. You must file a separateForm IL-1041-X for each tax year you wish to change.State changes only — File Form IL-1041-X promptly if youdiscover an error on your Illinois return that does not relate to anerror on your federal return but rather was caused by a mistake in transferring information from your federal return toyour Illinois return;IL-1041 Instructions (R-08/17)

failing to report or misreporting to Illinois an item that has no effecton your federal return; or a mistake in another state’s tax return that affects thecomputation of your Illinois tax liability.If you are claiming an overpayment, Form IL-1041-X must be filedwithin three years after the extended due date or the date thereturn was filed, or within one year after the tax giving rise to theoverpayment was paid, whichever is latest.Federal changes only — File Form IL-1041-X if you have filedan amended federal return or if you have been notified by the IRSthat they have made changes to your return. This includes anychange in your federal income tax liability, any tax credit, or thecomputation of your federal taxable income as reported for federalincome tax purposes, if the change affects any item entering into thecomputation of net income, net loss, or any credit for any year underthe IITA. You must file Form IL-1041-X no later than 120 days afterthe federal changes have been agreed to or finally determined toavoid a late-payment penalty.If your federal change decreases the tax due to Illinois and youare entitled to a refund or credit carryforward, you must file FormIL-1041-X within two years plus 120 days of federal finalization.Attach a copy of federal finalization or proof of acceptancefrom the IRS along with a copy of your amended federal form, ifapplicable, to your Form IL-1041-X. Examples of federal finalizationinclude a copy of one or more of the following items: your federal refund check your audit report from the IRS your federal transcript verifying your federal taxable incomeWhat records must I keep?You must maintain books and records to substantiate anyinformation reported on your Form IL-1041. Your books and recordsmust be available for inspection by our authorized agents andemployees.Do the IDOR and the IRS exchange incometax information?The IDOR and the IRS exchange income tax information for thepurpose of verifying the accuracy of information reported onfederal and Illinois tax returns. All amounts you report on FormIL-1041 are subject to verification and audit.Should I round?You must round the dollar amounts on Form IL-1041 andaccompanying schedules to whole-dollar amounts. To do this,you should drop any amount less than 50 cents and increase anyamount of 50 cents or more to the next higher dollar.What if I have an Illinois ne

withholding on Form IL-1120-ST, Form IL-1065 or Form IL-1041. You must also file Illinois Schedule NR (Form IL-1041), Nonresident Computation of Fiduciary Income, to determine the income that is taxed by Illinois during the tax year. For more information, see Illinois Schedule NR (Form IL-1041) with revision date 12/16 or later.

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