Fillable Form Il-505-B - Automatic Extension Payment For 2007 printable pdf download

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Illinois Department of Revenue

IL-505-B

Automatic Extension Payment

What is the purpose of Form IL-505-B?

not required to file Form IL-505-B to obtain this extension if no tenta-

tive tax is due.

Form IL-505-B, Automatic Extension Payment, provides taxpayers

Additional federal extension beyond six months —

who are unable to file their return by the due date, a means of calcu-

will grant you an additional extension to file of more than six months

lating and remitting their tentative tax liability on or before the original

(seven months for corporations) if the Internal Revenue Service (IRS)

due date of the return (see “When should I file and pay?”).

grants you an additional extension.

Who must file Form IL-505-B?

If you do not owe any tentative tax, you are not required to file Form

You must file Form IL-505-B if all of the following apply to you:

IL-505-B. However, you must attach a copy of the approved federal

• you are a corporation, small business corporation, partnership,

extension to your annual return when you file it.

fiduciary, or an exempt organization and you cannot file your Form

When should I file and pay?

IL-1120, Form IL-1120-ST, Form IL-1065, Form IL-1023-C, Form

You must file your completed form and pay any tentative tax amount

IL-1041, or Form IL-990-T by the due date, and

you owe by the original due date of your tax return or as soon as you

• you complete the Tax Payment Worksheet on the back of this

realize you owe tentative tax. This includes annual and short-year

page and determine that you will owe a tentative tax, and

returns. The due date depends on the type of tax return that you file.

• you submit your payment by paper check or money order (i.e.,

Refer to the following list of return due dates.

you do not use any electronic means, such as electronic funds

All dates refer to the months following the close of the taxable year.

transfer, to make your payments).

For

Due date

If Line 8 of the worksheet shows you owe tentative tax, you must file

• corporations, small

this form and pay the full amount due. An extension of time to file

business corporations

the 15th day of the 3rd month

does not extend the amount of time you have to make your pay-

• partnerships, fiduciaries,

ment.

composites, exempt organi-

Unitary group: If you are a member of a unitary business group that

zations (employee trusts only)

the 15th day of the 4th month

is filing a combined return, your designated agent must complete one

• exempt organizations

Form IL-505-B for the entire group as though it is one taxpayer.

(all others)

the 15th day of the 5th month

Federal consolidated group: If you are a member of a federal

• cooperatives

the 15th day of the 9th month

consolidated group, you must file a separate Form IL-505-B for each

If you file federal Form 1120, U.S. Corporation Income Tax

member that is required to file an Illinois tax return. We will not grant

“blanket” or consolidated extensions.

Return, and the original due date is later than the 15th day of the 3rd

month, your Form IL-1120 and your payment will be due at the same

Form IL-1023-C filers: If you are filing Form IL-505-B for an ex-

time as your federal Form 1120.

tension to file your Form IL-1023-C, you must write “666” in the

“Sequence no.” on this form.

Make your check or money order payable to “Illinois Department of

Revenue.” Be sure to write your FEIN, tax year, and “IL-505-B” on

Do not file Form IL-505-B if:

your payment. Mail your Form IL-505-B, with your payment, to

• after completing the Tax Payment Worksheet, you find that you do

ILLINOIS DEPARTMENT OF REVENUE

not owe additional tax, or

PO BOX 19045

• you make your extension payment by Electronic Funds Transfer.

SPRINGFIELD IL 62794-9045

Please be aware that if an unpaid liability is disclosed when

What are the penalties and interest?

you file your return, you may owe penalty and interest charges in

Penalties — You will owe

addition to the tax. See “What are the penalties and interest?”

• a late-filing penalty if you do not file a processable return by the

What are the extensions?

extended due date;

Automatic Illinois extension —

• a late-payment penalty if you do not pay the tax you owe by the

We grant you an automatic six-

original due date of the return;

month (seven-month for corporations) extension to file your annual

• a bad check penalty if your remittance is not honored by your

return whether or not you request the automatic extension. You are

financial institution.

IL-505-B front (R-12/07)

— — — — — — — — Return only the bottom portion with your payment. — — — — — — — —

Illinois Department of Revenue

IL-505-B

Automatic Extension Payment for 2007

If no payment is due or you make your payment by

Tax year ending

Electronic Funds Transfer, do not file this form.

____ ___/___ ___ ___ ___

Month

Year

___ ___ - ___ ___ ___ ___ ___ ___ ___

___ ___ ___

Federal employer identification number

Sequence no.

_______________________________________________________

Write the amount of your payment here. __________________

____

Name of organization

Tentative tax due

_______________________________________________________

Street address

_______________________________________________________

City

State

ZIP

(_____)_________________________________________________

Make your check or money order payable to and mail this

Daytime phone number

voucher to:

ILLINOIS DEPARTMENT OF REVENUE

PO BOX 19045

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. This form has been approved

SPRINGFIELD IL 62794-9045

by the Forms Management Center.

IL-492-0067

Form Il-505-B - Automatic Extension Payment For 2007

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