Illinois Department of Revenue offers extended facility to taxpayers to file IL-505-B Automatic Extension Payment Form on or before the due date of filing the returns whenever a tentative tax is due. You as a taxpayer must file this IL-505-B form with the Illinois Department of Revenue, Springfield IL.
However, failing to file IL-505-B or tax returns due attracts penalties for late filing, late payment, and bad check as applicable. Detailed information about penalties and charges is available at Publication 103, Penalties and Interest for Illinois Taxes.
Please read the schedule of filing returns described in this form to avoid delays. Please understand the term automatic extension and additional federal extension to use the fullest benefits in your interest. However, Short-year C corporations must verify their extension period from Illinois Department of Revenue. You may choose not to file form IL-505-B when you send electronic payment and/or do not owe tentative tax. Please do not enclose federal Form 7004 along with this form IL-505-B.
Steps to prepare IL-505-B Automatic Extension Payment Form
- Enter the tax year as required on the first line of the form.
- Then provide your FEIN on the next line.
- Enter name of the organization followed by mailing address in the required format. Specify name of the city, state, and zip code. Please enter your phone number with area code.
- Enter payable amount in whole dollar. You must remit your check to Illinois Department of Revenue.
Tax Payment Worksheet for Records
- Enter the amount of income and replacement taxes due on line 1. Include withholding payments and surcharge as directed in the form while computing the amount.
- Specify amount of estimated income, replacement tax payments, prepayments, and overpayments on the next line.
- Enter withholding payments on line 3.
- Provide the amount of tax payments sent to Illinois Department of Revenue using any previous Form IL-505-B on line 4.
- Specify credit for income tax paid to any other states on line 5 in case you are resident fiduciary.
- Enter likely income tax credits as per Schedule 1299-D of Income Tax Credits if applicable on line 6.
- Form IL-477 has details of Replacement Tax Investment Credits. Provide replacement tax investment credits from this form on line 7.
- Enter the sum of replacement tax reduction and Foreign Insurer income on line 8 when applicable. Replacement tax reduction is available on lines 50a and 51a of Step 8 of IL-1120 form.
- Calculate credits, tax payment by adding values on line 1 through 8, and enter the amount on line 9.
- Calculate tentative tax due by subtracting line 9 from line 1 and enter the answer on line 10. You must pay this amount along with your IL-505-B Automatic Extension Payment Form.