Illinois Voluntary Disclosure Agreement

The Illinois Department of Finance has adopted amendments in light of changes to its voluntary disclosure agreement for taxpayers. The department has updated the language in Rule 210.126 – voluntary disclosure to explain that taxpayers will now disclose responsibility for problem solving (PRD) from the Taxpayer Services Program and not to the Contracts Board of Directors. The Problem Solving Department will facilitate the voluntary disclosure process for businesses that do not comply with Illinois tax law. There is a small window of opportunity to participate in the amnesty program. While there is no penalty for non-participation, the ability to avoid penalties and interest on eligible tax obligations may encourage many taxpayers to participate. On the other hand, non-filers seeking a voluntary disclosure agreement (VDA) with the state, which generally involves relief from sentences and limited scrutiny, should immediately consider it so that the tax can be calculated and paid during the amnesty window and interest can be deferred to any liability of VDA. Taxpayers, tax collectors and their representatives who wish to file a voluntary disclosure request should do so online with Chicago Business Direct. If the application is approved, the decousle has 30 days to register, calculate and pay the amounts owed, unless an extension is granted. The department will verify the accuracy of the calculations and, once the amount due has been confirmed, an agreement will be prepared for the public`s signature. A copy of the fully executed contract is made available to the flyer in the execution of all the terms of the contract. If you have any questions about the voluntary disclosure program, please contact Emily Kearney at 312-747-3837. If a company`s voluntary disclosure agreement or VDA is accepted, there are strict deadlines for obtaining all the benefits of the Voluntary Disclosure Agreement program.

Keep in mind that a voluntary disclosure agreement is a legal agreement between the company and the state. Therefore, there are very clear results that need to be provided by the company, as well as a rigorous schedule as to when these items should be made available. Like almost everything in revenue and usage tax, these deadlines vary from state to state, but an experienced VAT advisor will know these deadlines and will be assured that his client will meet them. To qualify for this program, a candidate must not be reviewed or reviewed. When a denoued has received a written notification of a review or review of a tax, it is prohibited to participate in the program of these taxes. The public must also ensure that the taxes disclosed are not subject to review or investigation by the department involving a person or organization that participated in a previous mass sale with the public, and that it has not received notification of the tax disclosed.