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- Illinois Assessing Late Payment Penalties if you didn't pay in enough for PTE
Illinois Assessing Late Payment Penalties if you didn't pay in enough for PTE
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Ephesians3-14
Level 8
04-05-2023
11:14 AM
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I have a lot of S Corp clients receiving notices from the IL Dept of Revenue because apparently when making the estimated tax payments in 2022 for the new PTE tax credit I should have also included the IL replacement tax as well. So when making the payments if you didn't pay in BOTH the expected PTE tax AND the IL replacement tax, then you will be getting a pretty sizeable penalty. I thought we only had to pay in the expected PTE amount because you were never required to make estimated tax payments for the IL replacement tax.
Did not know that! Anyone else seeing these penalties from their clients?
The curious thing is that the ProSeries software is NOT assessing the correct amount of penalty.
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1 Comment 1
IntuitMark304
Employee
04-05-2023
02:05 PM
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Ephesians3-14,
Thanks for your message. I am trying to understand the issue you are encountering.
The instructions for the Form IL-1120-ST, Line 5, Column A of the Form IL-2220 read as follows, "Enter the total net replacement tax, surcharges, pass-through withholding and PTE tax entered on your 2022 Form IL-1120-ST, Step 8, Line 62.
Based on my review of the software, it looks like Proseries is transferring this amount correctly to the Form IL-2220. Attaching a screenshot of what I see on my end. Am I not seeing something you are experiencing? Thank you for your help, feedback from our customers is very important.
