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Illinois EFT deposit requirements effective October 1, 2010

Starting October 1, 2010, Illinois will require all businesses that have an aggregate tax liability of $20,000 or more to make income tax deposits via electronic funds transfer (EFT) though the Illinois WebFile and Pay or ACH credit. This $20,000 threshold applies to all business taxes including income, replacement, sales, use and excise taxes. Then starting January 1, 2011, additional EFT requirements will be added. On January 1, 2011 businesses that have an aggregate payroll tax liability of $12,000 or more will also be required to use the EFT system. Finally, individual taxpayers that owe more than $200,000 have EFT deposit requirements. For payments using WebFile and Pay, go to: http://www.revenue.state.il.us/Businesses/webfilewithholding.htm. For ACH credit/debit payments and some additional options, go to: http://www.revenue.state.il.us/ElectronicServices/eft.htm.

Note that the bank used to make ACH payments will be changing effective October 1, 2010. Illinois no longer allows taxpayers to make state tax payments through the U.S. Treasury’s EFTPS program. You must enroll separately through Illinois to make these required tax deposits.

You can find more details on the Illinois Department of Revenue website or by contacting Danielle Timm at (312) 980‐2914 or your Blackman Kallick Representative.

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.