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Form 1065 Illinois: What You Should Know

IATA-based tax ability is based on income.  In addition to income tax calculation, Form IL-1065 and its supporting Form ES-945.1 (Illinois) and Form ES-945.2 (Illinois) forms are used to determine eligibility for federal (IATA based) tax credits (such as the Earned Income Tax Credit) if filed in an IL. Include Form IL-1065 in Schedule F2 (Form 1040). If you are a partnership, Form IL-1065, Form ES-945.1, Form ES-945.2 or Form ES-945.3 (IATA-based) and Schedule F2 (Form 1040), Form 1045, or any other form you have prepared should be filed in connection with your Form W-2 or other report. You must file (not send) Form 1065 with all Forms 1040 and 1045. Use Form IL-1065 to provide your name and address (including business address) to the IRS and/or other tax administrators/organizations as well as in any state government or tax agency as specified in the laws of your state or country. You must also include such information for all persons or entities involved including tax accountants, attorneys, accountants, accountants, consultants, contractors, directors, officers, shareholders, employees, contractors, representatives, associates, employees, heirs, beneficiaries, predecessors, transferees, administrators, distributors, retailers, distributors, or any other person/entity involved in the operation (or being the subject of operation) of this form, and persons or entities that may be affected by the application of Form 1065. (See IR-1.) Form Il-1065 is subject to certain limitations, or the return is not required to be filed. See “What if I do not file Form 1065?” (Form 1065) and “Am I required to file Form 1065?” (Form IL-1065). If you have been determined to be exempt from Illinois corporate taxes by federal tax authorities, you must file Form IL-1065 to update the Illinois exemption determination. If you are a partnership, you should consult with your tax professional and a partner to understand the limitations on the amount of partnership income that is taxable in Illinois. Form 1065 is filed on or before the due date (including extensions), except as provided in IR-3 (if applicable).

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