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Department of Revenue announces corporate tax filing extension

Extended deadline moved from October 17 to November 15

The Illinois Department of Revenue (IDOR) announced that corporations filing for the tax year ending on Dec. 31, 2021, will have one extra month beyond the extended federal filing deadline to file their Illinois corporate income tax returns. Currently, the extended due date for calendar-year 2021 Form IL-1120 returns is Oct. 17, 2022. The new extended due date is Nov. 15, 2022.

Every corporation subject to income tax must file an income tax return by the required due date. The return must be filed if the corporation was in existence during any part of the tax year, and must cover that part of the tax year that the corporation was in existence.

Historically, corporate income tax returns are generally due on or before April 15 of the following year for a calendar-year corporation, or the 15th day of the fourth month following the close of the tax year for a fiscal-year corporation (15th day of the third month for June 30 filers). A corporation may generally receive an automatic extension of six months for filing its income tax return (seven months for June 30 filers). Required payments not received by the original due date may result in penalty and interest.

“A change in 2016 to the federal due date for non-June 30 fiscal year filers resulted in the federal and state automatic extensions coinciding,” Illinois Department of Revenue Director David Harris explained. “This year, we have extended the due date for corporate income tax returns, as we await permanent action later this month by the Joint Committee on Administrative Rules (JCAR), a bipartisan legislative oversight committee.”

A proposed amendment before JCAR (86 Ill. Admin. Code 100.5020) will permanently extend the automatic extension deadline for all corporations filing Form IL-1120 to one month after the federal extended due dates for filing Form 1120 with the Internal Revenue Service. If adopted, this amendment will be retroactive to returns for tax year ending Dec. 31, 2021, moving the extended due date to Nov. 15, 2022.

IDOR will issue additional guidance if and when this amendment is adopted by JCAR.

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