2015 Form IL-2220, Computation of Penalties for Businesses

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Illinois Department of Revenue
IL-2220
Computation of Penalties for Businesses
2015
IL Attachment No. 19
Attach to your Forms IL-1120, IL-1120-ST, IL-1065, IL-1041, or IL-990-T
Read this information first - We encourage you to let us figure your penalties and send you a bill, instead of completing this form yourself.
You must complete this form if you are using the annualized income installment method for late-payment penalty for underpayment of estimated tax in
Step 6.
You do not owe the late-payment penalty for underpayment of estimated tax if you made timely estimated installment payments equaling at least 90 percent
of this year’s tax liability or 100 percent of the prior year’s tax liability (provided you reported a liability in the prior year and it was not a short taxable year). See
the Specific Instructions for more information. The late-payment penalty for underpayment of estimated tax is based on the tax shown due on your original
return. Do not use the tax shown on an amended return filed after the extended due date of the return to compute your required installments in Step 2.
Step 1:Provide the following information
1 This form is for 2015 calendar year or fiscal year beginning __ __/__ __ 2015, and ending __ __/__ __/__ __ __ __.
Month
Day
Month Day
Year
2 Enter your FEIN as it appears on your annual return.
2
3 Enter your name as it appears on your annual return. 3
4 If your prior year return was filed under a different FEIN
than the one shown on Line 2, enter that number here.
4
Step
2: Figure your required installments - Form IL-1120 filers only A
B
This year Last year
5 Enter the total net income and replacement tax and surcharge from Form IL-1120. See
instructions. If prior year’s tax was zero or you filed a short year return, enter “N/A” in Column B.
00
00
You may be required to make installments even if you enter “N/A” in Column B. See instructions.5
00
6 Multiply Column A, Line 5, by 90% (.9). 6
7
If Column A, Line 5, is $400 or less, enter “0” and go to Step 3. Otherwise, enter the lesser
of Column A, Line 6, or Column B, Line 5. (If Column A, Line 5 is more than $400 and you
00
entered “N/A” in Column B, Line 5, enter the amount from Column A, Line 6.) See instr. 7
8
9
10
11
12
13
14
Divide the amount on Line 7 by four. This is the amount of each required installment. 00
(If you used the annualized income installment method, see instructions for Line 10.) 8
Enter in Quarters 1 through 4, the
Quarter 1
Quarter 2
Quarter 3 Quarter 4
installment date that corresponds with the 15th day of the 4th, 6th, 9th,
and 12th month of your tax year. 9
__ __/__ __/__ __ __ __ __ __/__ __/__ __ __ ____ __/__ __/__ __ __ ____ __/__ __/__ __ __ __
Enter the required installment.
00
00
00
00
See instructions.
10
Enter the amount of any pass-through
withholding payments reported to you
and any gambling withholding shown
00
00
00
00
on Form W-2G. See instructions.
11
Subtract Line 11 from Line 10.
00
00
00
00
If the amount is negative, use brackets.12
If the amount on Line 14 of the
previous quarter is negative,
enter that amount as a positive
00
00
00
here. Otherwise, enter “0.”
13Skip this line for Quarter 1.
Subtract Line 13 from Line 12.
00
00
00
00
If the amount is negative, use brackets.14
Step 3: Figure your unpaid tax - all taxpayers
15 Enter your total net income and replacement tax, surcharge, and pass-through withholding payments you owed
00
and reported on behalf of your members. See instructions.
15
16 a Enter the total amount of all payments made on or before the original due date of your
tax return. Include your credit(s) carried forward from a prior year (see instructions), total estimated payments or prepayments made this year, 505-B payments, any pass-through withholding payments made on your behalf, annual payments made with your tax return or “V” vouchers,
00
electronic payments, and any withholding shown on your W-2G or 1099 forms.
16a
b Form IL-1120 filers only: Enter the total of all Columns, Line 10. All others, enter zero.16b
Enter the greater of Line 16a or Line 16b here.
17 Subtract Line 16 from Line 15. If this amount is
—positive, enter that amount here. Continue to Step 4 and enter this
amount in Penalty Worksheet 2, Column C, Line 21.
—zero or negative, enter that amount here and, if negative, use brackets. IL-2220 (R-12/15)
*534201110*
00
16
17
00
00
Page 1 of 3
Step 4:Figure your late-payment penalty
*534202110*
Use Penalty Worksheet 1 to figure your late-payment penalty for underpayment of estimated tax.
Use Penalty Worksheet 2 to figure your late-payment penalty for unpaid tax.
You must follow the instructions in order to properly complete the penalty worksheets.
18 Enter the amount and the date of each payment you made. Include any credit(s) carried forward from a prior year. See instructions.
Amount
a
b
c
d
Date paid
Date paid
e
f
g
h
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
Penalty rates
Amount
Amount
Date paid
i
j
k
l
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
Number of days late Penalty rate
1 - 30............................ .02
31 or more....................... .10
Penalty Worksheet 1 — Late-payment penalty for underpayment of estimated tax - Form IL-1120 filers only
If you paid the required amount from Line 14 by the payment due date on Line 9 for each quarter, do not complete this worksheet.
19 Enter the unpaid amounts from Line 14, Quarters 1 through 4, on the first line of the appropriate quarters in Column C below.
A
Period
B
Due
date C
D
Unpaid amount
E Payment applied
F
Balance due (Col. C - Col. D) Payment date
G
H
I No. of Penalty rate
days late (see above)
Penalty
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
Qtr. 1
Qtr. 2
Qtr. 3
Qtr. 4
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
20 Add Column I, Quarters 1 through 4. This is your late-payment penalty for underpayment of estimated tax. Enter the total amount here and on Form IL-1120, Step 8, Line 54.
20
You may apply any remaining overpayment from the 4th quarter in Column E above to any underpayment when figuring Penalty Worksheet 2, only if the payment date in Column F is after the original due date of the return.
Penalty Worksheet 2 — Late-payment penalty for unpaid tax
21 Enter any positive amount from Line 17 on the first line of Column C below.
A
B
Due
date Return _ _/_ _/_ _ _ _
C
D
Unpaid amount
E Payment applied
Balance due (Col. C - Col. D) F
Payment date
G
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
22 Add Column I. This is your late-payment penalty for unpaid tax. This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this
information is REQUIRED. Failure to provide information could result in a penalty.
I Penalty
Enter the total amount here and on Step 5, Line 26.
Page 2 of 3
H
No. of Penalty rate
days late (see above)
22
IL-2220 (R-12/15)
Step 5: Figure your late-filing penalty and your total penalties
Complete Lines 23 through 25 to figure your late-filing penalty only if
• you are filing your return after the extended due date; and
*534203110*
• your tax was not paid by your original due date.
00
23 Enter the amount of your tax due from your return. See instructions. 23
00
24 Multiply the amount on Line 23 by 2% (.02).
24
00
25 Enter the lesser of Line 24 or $250. This is your late-filing penalty. 25
00
26 Enter your late-payment penalty for unpaid tax from Line 22. 26
27 If you have an overpayment on your tax return*, enter that amount as a <negative number>.
00
If you have an amount due on your tax return*, enter that amount here. 27
*
See instructions for the correct line references for all tax returns.
28 Add Lines 25, 26, and 27. If the result is positive, this is the total amount you owe. If the result is negative, 00
this is the amount you are overpaid.
28
This amount may not match your overpayment or tax due on your original tax form. Pay the amount
on Line 28 if you wish to pay your penalties at this time. Otherwise, we will send you a bill.
Step 6: Complete the annualization worksheet for Step 2, Line 10
Complete this worksheet only if your income was not received evenly throughout the year and you choose to annualize your income.
Beginning with Column A, complete Lines 29 through 45 of each column. If you fail to complete all lines of Step 6, Lines 29
through 45, Columns A through D, we may disregard your election to annualize your income and calculate your late-payment penalty for
underpayment of estimated tax based on four equal installments.
A
B
C
D
First 3 months
First 6 months
First 9 months
29 Enter your Illinois net income for
For Column A
00
00
00
each period. If negative, enter “0”.29________________
only: Go directly to
4
21.33333
Line 32
30 Annualization factors 30________________
00
00
00
31 Multiply Line 29 by Line 30. 31________________
First 3 months First 5 months First 8 months First 11 months
32 Enter your Illinois net income for
00
00
00
00
each period. If negative, enter “0”.32 4 2.4 1.5 1.09091
33 Annualization factors 33 00
00
00
00
34 Multiply Line 32 by Line 33. 34
35 In Column A, enter the amount
from Line 34, Column A.
In Columns B, C, and D, enter
the lesser of Line 31 or 34
00
00
00
00
for each period.
35
36aNet replacement tax for the period.
00
00
00
00
See instructions.
36a
36bNet income tax for the period.
00
00
00
00
See instructions. 36b
36cCannabis surcharge for the period.
00
00
00
00
See instructions.
36c
00
00
00
00
36dAdd Lines 36a, 36b, and 36c.
36d
(.45)67.5%
(.675)90%
(.9)
37 Applicable percentage
37 22.5% (.225)45%
38 Multiply Line 36d by Line 37. This
00
00
00
00
is your annualized installment. 38
39 Add the amounts on Line 45 of
each of the preceding columns
00
00
00
and enter the total here.
39 Do not write on this line. 40 Subtract Line 39 from Line 38.
00
00
00
00
If less than zero, enter “0.”
40
00
00
00
00
41 See instructions.
41
42 Enter the amount from Line 44
00
00
00
of the preceding column.
42 Do not write on this line. 00
00
00
00
43 Add Lines 41 and 42.
43
44 If Line 43 is greater than Line 40,
subtract Line 40 from Line 43.
Do not write on this line.
00
00
00
Otherwise, enter “0.”
44 45 Enter the lesser of Line 40 or 43
here and on Step 2, Line 10.
00
00
00
00
This is your required installment. 45
Go to Column B, Line 29
Go to Column C, Line 29 Go to Column D, Line 29
IL-2220 (R-12/15)
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