Form Il 505 B – Fill Out and Use This PDF

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

Form IL-505-B, Automatic Extension Payment, provides taxpayers who are unable to file their business income tax return by the due date a means of calculating and remitting their tentative tax liability on or before the original due date of the return (see “When should I file and pay?”).

Who must file Form IL-505-B?

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

•฀ you are required to file Form IL-1120, IL-990-T, IL-1041, IL-1065, IL-1120-ST, or Form IL-1023-C, and

•you cannot file your annual tax return by the due date, and

•฀ you complete the Tax Payment Worksheet on the back of this page and determine that you will owe a tentative tax.

If Line 9 of the worksheet shows you owe tentative tax, pay the full amount due either by filing and paying with this form or by making your payment electronically. An extension of time to file does not extend the amount of time you have to make your payment.

Do not file Form IL-505-B if:

•after completing the Tax Payment Worksheet, you find that you do not owe additional tax, or

•you make your extension payment electronically.

Unitary group: If you are a member of a unitary business group that is filing a combined return, your designated agent must complete one Form IL-505-B for the entire group as though it is one taxpayer.

Federal consolidated group: If you are a member of a federal consolidated group, you must file a separate Form IL-505-B for each member that is required to file an Illinois tax return. We will not grant “blanket” or consolidated extensions.

Form IL-1023-C filers: If you are filing Form IL-505-B for an extension to file your Form IL-1023-C, you must write “666” on the “SEQ” line on this form.

Please be aware that if an unpaid liability is disclosed when you file your return, you may owe penalty and interest charges in addition to the tax. See “What are the penalties and interest?”

What are the extensions?

Automatic Illinois extension — We grant you an automatic six-month (seven-month for corporations) extension to file your annual return whether or not you request the automatic extension. You are not required to file Form IL-505-B to obtain this extension if no tentative tax is due.

Additional federal extension beyond six months — We will grant you an additional extension to file of more than six months

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

(seven months for corporations) if the Internal Revenue Service (IRS) grants you an additional extension.

If you do not owe any tentative tax, you are not required to file Form IL-505-B. However, you must attach a copy of the approved federal extension to your annual return when you file it.

When should I file and pay?

You must file your completed Form IL-505-B, and pay any tentative tax amount you owe by the original due date of your tax return or as soon as you realize you owe tentative tax. This includes annual and short-year returns. The due date depends on the type of tax return that you file. Refer to the following list of return due dates.

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

For

Due date

•corporations, subchapter

S corporations		the 15th day of the			3rd month
•฀partnerships,฀iduciaries,฀฀ ฀		฀	฀	฀	฀
composites, exempt organizations
(employee trusts only)		the 15th day of the 4th month
• exempt organizations (all others)		the 15th day of the 5th month
•฀cooperatives฀	฀	the฀15th฀day฀of฀the฀9th฀month

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

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

ILLINOIS DEPARTMENT OF REVENUE

PO BOX 19045

SPRINGFIELD IL 62794-9045

You may be required to make your payments electronically. For more information, see Informational Bulletin FY 2011-01.

What are the penalties and interest?

Penalties — You will owe

•฀ a late-filing penalty if you do not file a processable return by the extended due date;

•฀ a late-payment penalty if you do not pay the tax you owe by the original due date of the return;

•฀ a bad check penalty if your remittance is not honored by your financial institution.

Interest is calculated on tax from the day after the original due date of your return through the date you pay the tax.

Illinois Department of Revenue
IL-505-B(R-12/12)	Automatic Extension Payment for 2012

Official use only

If no payment is due or you make your payment electronically, do not file this form.

FEIN:

SEQ:

Name of

Organization:

C/O:

Mailing address:

Tax year ending

MonthYear

$

Print your payment amount on this line. Make your check or money order payable to “Illinois Department of Revenue” and return the voucher and payment to

ILLINOIS DEPARTMENT OF REVENUE PO BOX 19045

SPRINGFIELD IL 62794-9045

Official use only

We will bill you for penalties and interest. For more information about penalties and interest, see Publication 103, Penalties and Interest for Illinois Taxes.

What if I need additional forms or assistance?

If you need additional forms,

•฀฀ visit฀our฀website฀at฀tax.illinois.gov; or

•฀ write฀to฀us฀at฀P.O.฀Box฀19010,฀Springield,฀฀Illinois฀62794-9010.

If you need additional assistance,

•฀ visit฀our฀website฀at฀tax.illinois.gov;

•฀ call฀our฀Taxpayer฀Assistance฀Division,฀at฀1 800 732-8866, or 217 782-3336;

•฀ call฀our฀TDD฀(telecommunications฀device฀for฀the฀deaf)฀at 1 800 544-5304; or

•฀ write฀to฀us฀at฀P.O.฀Box฀19044,฀Springield,฀Illinois฀฀62794-9044.

Our office hours are 8:00 a.m. to 5:00 p.m., Monday through Friday.

Line 1 — Write the total amount of income and replacement taxes you expect to owe for the tax year, including any recapture of investment tax credit that you expect to report on Schedule 4255, Recapture of Investment Tax Credits.

Line 2 — Follow the instructions on the worksheet.

Corporations and composites — include the total amount of estimated income and replacement tax paid with Form IL-1120-ES, Estimated Income and Replacement Tax Payments for Corporations, or Form IL-1023-CES, Composite Estimated Tax Payments for Partners and Shareholders, for the tax year.

Line 3 — Write the total amount of Illinois income tax withheld on Forms W-2 or W-2G, and the amount of pass-through entity payments made on your behalf from Illinois Schedule K-1-P, Partner’s or Shareholder’s Share of Income, Deductions, Credits, and Recapture, or K-1-T, Beneficiary’s Share of Income and Deductions.

Line 4 — Write the amount of Illinois income and replacement tax you paid with any previous Form IL-505-B for this tax year.

Line 5 — Resident fiduciaries — write the estimated Illinois credit for income tax paid to other states. See the instructions for Schedule CR (Form IL-1041), Credit for Tax Paid to Other States.

Line 6 — Corporations, exempt organizations, or fiduciaries — write the total of any estimated income tax credits (including any credit carryforward) from Schedule 1299-D.

Line 7 — Write the amount of any estimated replacement tax investment credits from Form IL-477.

Line 8 — Follow the instructions on the worksheet.

Line 9 — If Line 9 is $1 or more, you must file Form IL-505-B and pay the amount due. If Line 9 is less than $1, you do not have to pay or file Form IL-505-B.

IL-505-B back (R-12/12)

If no payment is due or you make your payment electronically, do not file Form IL-505-B.

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.