2023 Form IL-1120-ST, Small Business Corporation Replacement Tax Return-2026

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The document is the 2023 Small Business Corporation Replacement Tax Return (Form IL-1120-ST) for the Illinois Department of Revenue. It outlines the requirements and steps for small business corporations to report their income, calculate taxes owed, and submit necessary information by a specified due date. The form includes sections for identifying the business, calculating ordinary income or loss, determining base income or loss, and reporting taxes and payments. Additionally, it includes a Schedule B for detailing partners' or shareholders' information.

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Click ‘Get Form’ to open the 2023 Form IL-1120-ST in our platform.
Begin by entering your small business corporation's complete legal name and federal employer identification number (FEIN) in the designated fields.
Fill out your mailing address, ensuring all details are accurate. If applicable, check the box for a name change or if this is your first or final return.
Proceed to report your ordinary income or loss by completing the relevant sections. Use the provided lines to enter amounts from federal schedules as instructed.
Continue through each step of the form, ensuring you attach any necessary schedules such as Schedule UB or Schedule M as required.
Finally, review all entries for accuracy before signing and submitting your return. Ensure that any payments are attached as indicated.

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Who is required to pay Illinois replacement tax?

This tax replaces money lost by local governments when their power to impose personal property taxes was taken away. Replacement tax is collected from corporations, subchapter S corporations, partnerships, and trusts by the State of Illinois and paid to local governments.

What is the tax rate for small business in Illinois?

Illinois business income tax The business income tax rate is 7% of your net income. S corporations, partnerships, standard LLCs, and sole proprietorships dont pay Illinois business income tax.

Do small business owners get taxed twice?

If you own a business, double taxation is a situation youd want to avoid. This occurs when a corporation is taxed on its profits, and then shareholders face additional personal taxes on any dividends or capital gains they receive from the corporation.

What is the 1120 tax return form for 2023?

This form is used by corporations to report various financial details, including income, gains, losses, deductions, and credits.

What is the replacement tax in Illinois for small business corporations?

Illinois also requires traditional corporations, S corporations, LLCs, and partnerships to pay a personal property replacement tax. This tax is based on a businesss net income. For traditional corporations, the tax is 2.5% of net income, and for other forms of business, the tax is 1.5% of net income.

il 1120 instructions 2023

form il-1120 instructions il-1120 instructions 2023 2024 form il-1120 IL-1120-ST Small Business Corporation Replacement Tax Return payment Form 1120 2023 form il-1120-st instructions 1120-S Form Tax forms for small business LLC

What is the corporate replacement tax in Illinois?

Corporate Income Tax: Illinois levies a 7% corporate income tax on net income. Replacement Tax: In addition, C corporations are subject to a 2.5% replacement tax on net income. This is a total of 9.5% between the corporate income tax and replacement tax.

What is form IL-1120-ST?

The Illinois Form IL-1120-ST is a tax return for small business corporations. It must be submitted by the 15th day of the third month following the tax year end.