MyTax Illinois now serves as a one-stop shop for all Illinois employer state taxes. MyTax Illinois is the secure website portal that is maintained by the IDOR and used by Illinois employers to electronically file withholding tax returns and pay taxes and fees. Starting in September 2017, Illinois employers are now able to use MyTax Illinois to complete all their SUI tax processes, including the monthly SUI wage reporting and the quarterly contribution and wage reporting and payment. Employers will instead use the DOR's MyTax Illinois reporting system for both unemployment and withholding tax reporting. The Illinois Departments of Employment Security (IDES) and Revenue (IDOR) announced that the IDES retired its TaxNet unemployment tax reporting system beginning in September 2017. Failure to file monthly wage reports and/or quarterly contribution and wage reports (Form UI-3/40) electronically could result in the assessment of a penalty. ![]() The Illinois Department of Employment Security (IDES) announced that it has successfully transitioned employer state unemployment insurance (SUI) tax reporting from the now-defunct TaxNet reporting system to the Illinois Department of Revenue (DOR)'s MyTax Illinois reporting system.Įmployers with 25 or more employees not already registered to file and pay state income tax withholding over the DOR's MyTax Illinois system are advised to register immediately so that they will be able to file the third quarter 2017 SUI contribution and wage report (Form UI-3/40) due on October 31, 2017. You will not be able to recover over-withheld funds until you file your annual taxes and the state issues a tax refund.Illinois state unemployment insurance returns must now be filed electronically using the Department of Revenue's MyTax filing system While there are no legal penalties for over-withholding on your IL-W-4, doing so may result in decreased take-home pay. If you fail to pay within these 30 days, the penalty increases to 20%. If the audit or tax investigation concludes and you receive an audit-prepared amended tax return or Form IL-870, you have 30 days to sign the documents and pay the remainder with the penalty. The penalty may further increase to 15% of any unpaid amount if the state initiates a tax liability audit while you still have pending unpaid income taxes. If you are 31 days late or more, the penalty increases to 10% of your unpaid taxes.If you are between 1 and 30 days late, the penalty is 2% of your unpaid amount.It is calculated based on the amount of unpaid taxes and the number of days over the deadline of IDOR Pub-103 breaks down the penalty for underpayment. According to IDOR Publication 103 (IDOR Pub-103), the penalty for underpaying your income taxes is called the late-payment penalty. Outdated information on your Form IL-W-4 can cause your employer to withhold less than the amount you owe to pay Illinois income taxes, exposing you to underpayment penalties. If you do not update the information on your Form IL-W-4 despite a change in your personal or financial situation, there are two possible consequences: under-withholding and over-withholding. ![]() Your employer will process your new IL-W-4 and adjust your income tax withholding accordingly.Submit the new IL-W-4 to your employer’s relevant administrative section, such as your company’s HR department.Complete the new Form IL-W-4 with the updated information.Review your current Form IL-W-4 for sections and details that are no longer up-to-date, such as your age, number of dependents, and additional allowances.Visit the Illinois Department of Revenue (IDOR) website and download the latest version of the IL-W-4 form from the Withholding Tax Forms portal. ![]() If you determine you need to update your IL-W-4 information, follow these steps: You should review your financial situation periodically to ensure the information on your IL-W-4 is current. Changes in income, such as receiving a pay raise, working an extra job, or obtaining an additional source of income.Common examples of major life events requiring an IL-W-4 update include: If your personal or financial situation changes, you are required to update your allowances and issue a new Form IL-W-4 to your employer.
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