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"
- Wisconsin Treats Sale-Leaseback Payments as Taxable Leases Despite Refinancing Language
- California Publishes Guidance on Sales and Use Tax for Electronically Delivered Digital Products from 2027
- Streamlined Sales Tax Board Creates 2027 Voluntary Disclosure Programme for Remote Sellers
- United States: California to Tax Software Subscriptions Starting in 2027
- California Sales Tax Filing Guide for CDTFA
