The Illinois Department of Revenue is proposing changes to an Illinois retailers’ occupation tax rule to clarify that a cash basis retailer that cannot claim a bad debt deduction on its federal income tax return is entitled to claim a refund for Illinois sales tax paid by the retailer on that portion of an installment contract found to be worthless or uncollectable.
Source Deloitte
Latest Posts in "United States"
- State Responses to Penny Shortage and Sales Tax Adjustments
- Understanding Sales Tax and Marketplace Facilitator Rules for Small Businesses in E-Commerce
- U.S. Customs and Border Protection launches refund process for IEEPA customs duties
- Texas Sales Tax Holiday: Disaster Preparedness Items Exempt April 25-27
- Alabama Suspends State Sales Tax on Groceries for Two Months in 2026
