The Delaware Department of State recently sent a new round of letters to companies they identified as likely not being in compliance with Delawareâs unclaimed property laws. The purpose of these letters is to invite the companies into the stateâs unclaimed property voluntary disclosure program (âProgramâ). If the company decides to not enter the Program, there is risk of audit. Below is a high-level overview of the Program, as well as certain considerations that must be weighed in response to the invitation letter.
The World Health Organization has officially declared the coronavirus outbreak to be a pandemic. In addition to the cost on human life, the rapid spread of COVID-19 has left a trail of economic damage affecting business revenues. COVID-19 has caused complete or partial shutdown of factories, supply chain disruptions, and labor shortages, and has impacted demand in certain industries. This impact will also be felt by U.S. state, and local governments.
On June 5, 2019, the Illinois legislature enacted Public Act 101-0009 which includes comprehensive amnesty programs covering taxes administered by both the Illinois Department of Revenue (the âDepartmentâ) and the Office of the Secretary of State of Illinois (the âSecretary of Stateâ). Taxes covered by these programs include the corporate and individual income taxes, the Retailersâ Occupation Tax, the Use Tax, and the Illinois franchise tax. The amnesty programs run for the period October 1, 2019 through November 15, 2019, and, under both programs, 100% of penalties and interest will be waived in exchange for payment of any outstanding tax liability due. Unlike previous amnesty programs, taxpayers will not be punished for not participating — that is, Illinois will not impose double penalties and double interest on tax assessments issued after the amnesty period closes.
The Illinois legislature recently passed several tax related bills along with a budget. The tax changes are primarily reflected in Senate Bills 689 and 690. Governor Pritzker signed S.B. 689 on June 5, 2019 and is expected to sign S.B. 690 shortly. The following is a summary of some of the more significant tax changes applicable to businesses.