(50 ILCS 45/75)
Sec. 75.
Voluntary disclosure.
For any tax for which
a taxpayer has not received a written notice of an audit, investigation, or
assessment from the local tax administrator, a taxpayer is
entitled to file an application with the local tax
administrator for a voluntary disclosure of the tax due. A
taxpayer filing a voluntary disclosure application must agree
to pay the amount of tax due, along with interest of one
percent per month, for all periods prior to the filing of the
application but not more than 4 years before the date of
filing the application. Except for the amount of tax and
interest due under this Section, a taxpayer filing a valid
voluntary disclosure application may not be liable for any
additional tax, interest, or penalty for any period before
the date the application was filed, provided, however, that
if the taxpayer incorrectly determined and underpaid the
amount of tax due as provided in this Section, the taxpayer
is liable for the underpaid tax along with applicable
interest on the underpaid tax, unless the underpayment was
the result of fraud on the part of the taxpayer, in which
case the application shall be deemed invalid and void. The
payment of tax and interest required under this Section must
be made within 90 days after the filing of the voluntary
disclosure application or the date agreed to by the local tax
administrator, whichever is longer, except that any
additional amounts owed as a result of an underpayment of tax
and interest previously paid under this Section must be paid
within 90 days after a final determination and the exhaustion
of all appeals of the additional amount owed or the date
agreed to by the local tax administrator, whichever is
longer.
(Source: P.A. 91-920, eff. 1-1-01.)
|