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"
- Kansas Introduces Sales Tax Exemption for Certain Disabled Veterans
- Virginia to Tax Bullion and Coins Starting July 1, 2026
- US Sets No Deadline for New Digital Tax Plan After OECD Effort Fails
- Maryland Grants Sales Tax Exemption for Certain IT Services Within Affiliated Groups
- Massachusetts Issues Sales Tax Rules After Penny Elimination and Rounding of Cash Transactions
