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News – Monday, August 14, 2023
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FY Bulletin 2024-03, IDOR Abates Late Estimated Payment Penalties for Filers Who Elected to Pay Pass-through Entity Tax
The Illinois Department of Revenue (IDOR) will abate late estimated payment penalties assessed on fourth quarter estimated payments due December 15, 2022, for partnerships and S corporations who are required to make estimated payments due to their election to pay pass-through entity (PTE) tax. The abatement will apply as long as the partnerships' or S corporations' fourth quarter estimated payments were made for the required amount and were paid on or before January 17, 2023. Penalties remain assessed on any unpaid fourth quarter estimated payment balance starting on January 18, 2023.
For more information, see FY Bulletin 2024-03, IDOR Abates Late Estimated Payment Penalties for Filers Who Elected to Pay Pass-through Entity Tax.