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Video instructions and help with filling out and completing Illinois income tax instructions schedule m
Instructions and Help about Illinois income tax instructions schedule m
Music welcome to the Illinois Department of Revenue form IL 941 Illinois withholding income tax return video series in this video we will cover the 2022 withholding income tax changes detailed in informational bulletin FY 2022 - 7 this includes the elimination of the annual filing frequency and annual payment schedule we will briefly discuss the secure choice savings program compliance question we will also cover the payroll data and p10 requirements please note that these changes went into effect January 1st 2022 several changes have been made to Illinois withholding income tax for the 2022 tax year effective January 1st 2022 all Illinois withholding income tax filers are required to file their form il 941 returns quarterly the annual filing frequency is no longer available your form il 941 is due by the last day of the month that follows the end of the quarter for each quarter you must include all Illinois income tax withheld during the corresponding three months please note if the due date falls on a holiday or weekend the return is due on the next business day in addition to the annual filing frequency eliminations the annual payment schedule is also no longer available if you are currently an annual payer the Illinois Department of Revenue has notified you by letter of your assignment to either a semi weekly or monthly payment schedule for 2022 if you are a monthly payer and withhold over $12,000 in a quarter you will be required to submit your payments electronically on a semi weekly basis beginning the following quarter for more information see publication 131 withholding income tax payment and filing requirements the publication can be found at tax Illinois gov a hyperlink to publication 131 can be found in the video description below your payment due dates are determined by the payment schedule we assigned to you based on your liability and the day you pay your employees or others from whom taxes withheld monthly IL 501 payments are due by the 15th day of the month following the month in which the tax was withheld semi-weekly IL 501 payments are due by Wednesday for amounts withheld on the preceding Wednesday Thursday or Friday and by Friday for amounts withheld on the preceding Saturday Sunday Monday or Tuesday failure to make your il 501 payments by the due dates for your assigned schedule could result in late payment penalties 17 forum il 941 requires additional information to implement new legislation and prbetter guidance to the taxpayer in calculating and paying withholding income tax line C has been added to step 2 to verify compliance with the Illinois secure toy savings program Act more information can be found at Illinois retirement gov step four has been updated to include a section for entering required withholding information for each month of the quarter step four has entry lines for the amount of income tax withheld based upon the day the compensation was paid this change.