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Illinois Department of Revenue provides guidance on elimination of composite income tax returns

Pursuant to legislation enacted last year, the Illinois Department of Revenue is eliminating Form IL-1023-C, Composite Income and Replacement Tax Return, and Form IL-1000, Pass-Through Entity Payment Income Tax Return, for tax years ending on or after Dec. 31, 2014. Also, corresponding estimated tax payment and prepayment voucher forms are similarly eliminated. New forms that allow for prepayment are being issued that reflect the new pass-through withholding requirements on some nonbusiness income, as well as credits that are passed through to partners, shareholders or beneficiaries. The Department has issued guidance explaining how S corporations, partnerships, limited liability companies and trusts should proceed in light of these changes.

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