Quantcast

Prairie State Wire

Thursday, November 21, 2024

New law defines taxpayer liability for sales and excise tax payments

Webp zwfpgdu0j2ypof87rx5v4gxllgc7

David Harris Director the Illinois Department of Revenue | Official Website

David Harris Director the Illinois Department of Revenue | Official Website

Public Act 103-0009, Article 100, introduces a significant change in the interpretation of payments related to sales, use, and excise taxes and fees. Effective January 1, 2024, the new statute stipulates that any payment made by taxpayers will be considered an agreed liability. This rule applies to all payments except for quarter-monthly ones.

The law aims to clarify the obligations of taxpayers when making these types of payments. As per the statute: "Under the new law, any payment made, with the exception of quarter-monthly payments, constitutes an agreed liability by the taxpayer."

This legislative update is part of efforts to streamline tax processes and ensure clarity in taxpayer responsibilities.

For further details on this legal amendment, individuals are encouraged to review the New Payment Equals Agreement Statute effective from January 1, 2024.

MORE NEWS