Illinois announced a tax amnesty program that ends November 8, 2010. Individuals & businesses who owe monies from June 30, 2002 through June 30, 2009 can pay the monies “without penalty, without interest, no questions asked”, per IL Governor Pat Quinn.
However, there are a few exceptions: penalties for filing fees are not part of this program (not sure if that includes penalty for late filing as the initial release was not clear) and penalties for writing bad checks will not be waived.
Please note that the entire amount must be paid in by November 8, 2010 – that is not the date to reach an agreement. There is no extension to this date – all funds must be paid in full by then.
Illinois also announced that after November 8, 2010, fines (i.e. penalties) will be doubled so this is a huge incentive to pay off tax debts owed to Illinois.
If you need more information or assistance in filing for the tax amnesty, please don’t hesitate to contact me. Also, feel free to send comments, questions, opinions etc. as they are always welcome!