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IL 1120-S PTE estimated tax issues
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adam_cpa
Level 3
02-02-2023
02:16 PM
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The 4th installment of IL-1120-ST-V is due the 15th day of the 12th month, yet ProSeries shows the due date as 01/16/24. We have consulted with IL Dept of Revenue regarding this and they have confirmed that December is the due date, not January.
Also, why can't I check a box on the estimated tax payment schedule that says the client is going to pay the estimated tax payments electronically? When I check the box on the info sheet that says the client is enrolled in electronic payments, it only flows through to the current year tax due and eliminates the voucher for that. This makes the client letter very confusing and it prints the estimated tax vouchers even when you don't want them to print. Any ideas?
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dascpa
Level 11
02-02-2023
02:52 PM
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Similar issue in Maryland, but applies to all states with PTE. If the tax is paid "next year" then you cannot deduct it on this year's Federal return. So while you wouldn't have a state late payment issue, I tell my clients to pay in December to get the four quarters of payments this year.
adam_cpa
Level 3
02-02-2023
03:01 PM
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We told all our clients last year to pay in December too, because that is when IL 4th estimate is due. But we have hundreds of 1120-S Corps and it is difficult to for us to have that many conversations. The client letter shows incorrect dates, which makes it very confusing to the client.
What is ironic is ProSeries changed the 2021 letter to have the correct due date, sometime well after tax season. That is how we first became aware of the error, when we were preparing extended returns. We scrambled to call or email all our clients to let them know. Now this new year 2022 product has reverted back to having the incorrect due date.
