Prairie State Wire

The Illinois Department of Revenue (IDOR) has issued a bulletin to assist corporations affected by changes to the Illinois net loss deduction limitation. The guidance aims to help these corporations determine whether they need to start making estimated payments or adjust their existing estimated tax payments. Additionally, the bulletin provides strategies to minimize or avoid late-payment penalties.

For further details, refer to 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.