Sales tax payments affecting more than 24,000 small and medium-sized bars and restaurants in Illinois can now be deferred.
Eating and drinking establishments in Illinois that incurred less than $75,000 in sales tax liabilities in 2019 will not be charged penalties or interest on payments due in March, April or May if they are made late. While penalties and interest will be automatically waived, the sales tax returns must still be filed on time.
The sales tax liabilities that are deferred must be paid in four installments starting on May 20 and going through August 20, 2020.
For more information, please review the Illinois Department of Revenue Information Bulletin at https://www2.illinois.gov/rev/research/publications/bulletins/Documents/2020/FY2020-23.pdf.
We will keep you posted as new developments occur.
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If you have questions or concerns regarding this Client Alert, please contact Brian Israel at [email protected] or your ORBA advisor. Receive Client Alerts on timely topics that may affect your business.