State of Illinois
State of Illinois
23/07/2024 | Press release | Distributed by Public on 24/07/2024 00:01
FY 2025-01, Guidance for Corporations Affected by Changes to Net Loss Deduction Limitation for Tax Years Ending On or After December 31, 2024
FY Bulletin 2025-01 - Guidance for Corporations Affected by Changes to Net Loss Deduction Limitation for Tax Years Ending On or After December 31, 2024
News Type - Tuesday, July 23, 2024
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The Illinois Department of Revenue (IDOR) has issued a Bulletin which will help corporations affected by changes to the Illinois net loss deduction limitation determine if they must start paying estimated payments or modify their estimated tax payments. In addition, the bulletin outlines ways to minimize or avoid late-payment penalties.
See FY Bulletin 2025-01, Guidance for Corporations Affected by Changes to Net Loss Deduction Limitation for Tax Years Ending On or After December 31, 2024, for more information.