Il 1120 2015 form-2025

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The document is the 2015 Form IL-1120, a Corporation Income and Replacement Tax Return for the Illinois Department of Revenue. It provides instructions for corporations to report their income, calculate taxes owed, and submit necessary information such as federal employer identification numbers, business names, and financial details. The form includes steps for determining taxable income, deductions, credits, and payment instructions.

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What is form 1120 and when must it be filed?

When Do I File a 1120 Tax Form? Corporations must file their income tax return, including Form 1120, by the fifteenth day of the fourth month after the end of their tax year. If a corporations new, it must file by the fifteenth day of the fourth month after their tax year ends, no matter how short it was.

What taxes are business owners responsible for?

Small businesses are subject to numerous types of taxes and required to file an assortment of tax forms. Those taxes can include federal income tax, self-employment tax, employment tax, excise tax, and state and local taxes, including sales tax.

Who must pay Illinois replacement tax?

What are the rates? Corporations pay a 2.5 percent replacement tax on their net Illinois income. Partnerships, trusts, and S corporations pay a 1.5 percent replacement tax on their net Illinois income. Public utilities pay a 0.8 percent tax on invested capital.

Who is liable for business income or replacement tax in Illinois?

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.

Are you personally liable for business taxes?

Typically, any person in the company who is required to collect, pay over, or financially account for taxes paid to the IRS may be held liable for the failure of payment.

Who must file IL-1120?

Corporations must complete Form IL-1120. Computer generated forms from an IDOR-approved software developer are acceptable. 2024 Form IL-1120 is for tax years ending on or after December 31, 2024, and before December 31, 2025.

Who pays business income tax in Illinois?

Corporations and limited liability companies (LLCs) with a C corporation tax election must pay Illinois business income tax, also known as corporate income tax or Illinois income tax. Illinois business income tax is set at a flat rate of 7% of a business total net income.

Is the Illinois form IL-1120 extended due date?

On October 11, 2022, the Illinois Department of Revenue (Department) announced that it was automatically extending to November 15, 2022, from October 17, 2022, the extended due date for filing the Illinois corporate income tax return, Form IL-1120, for calendar year 2021.

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