Numbers provided by the US Census Bureau show that Illinois lost 56,235 residents in the period from June 2023 – June 2024. This amounted to one resident leaving every 9 minutes and 23 seconds.
And it wasn’t because of the weather.
Our only neighboring states that lost residents were Michigan and Iowa that lost 7,656 and 231 residents respectively. All of our other neighboring states grew.
We lost 7.3 times as many residents as Michigan.
The only two states in the union that lost more than us were California and New York at 239,575 and 120,917 respectively. The most recent numbers prove one of the oldest axioms in taxation.
Voters vote with their feet.
Let me leave you with this…
If you’re one of our clients who owns an S Corp or a Partnership that files Form 1065 and your final return has not been completed, an extension has been filed on your behalf. You don’t need to do anything. A copy of the extension will be forwarded to you presently.
This extension automatically gives us another 6 months to complete and file the return.
There are two statutory additions, or what is more commonly known as penalties, that are relevant. One is Failure To Pay while the other is Failure To File.
Extensions do nothing but extend the due date of the “paper” return. If it is filed inside the extension period a Failure To File Penalty is not assessed.
But extensions do not extend the date of any payment that may also be due. In this instance, if no deposit was tendered on a state return where money was owed and the return was filed inside the extension period, a Failure To Pay penalty would be assessed.
If you’d like to make a State Tax Deposit for any tax that may also be due, it will need to be handled separately, and deposited prior to the original due date of the return which is Monday, March 17, 2025.
Please contact our offices for further assistance.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
www.SalarySolutions.net
www.AccountingSolutionsLtd.com
Note that the only professional services provided by Accounting Solutions Ltd. are those specified in a written communication from our office detailing the scope of services to be rendered and the terms and conditions applicable to the engagement.