Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 5/704

(35 ILCS 5/704) (from Ch. 120, par. 7-704)

Sec. 704. Employer's Return and Payment of Tax Withheld.

(a) In general, every employer who deducts and withholds or is required
to deduct and withhold tax under this Act prior to January 1, 2008, shall make such payments and
returns as provided in this Section.

(b) Quarter Monthly Payments:  Returns.  Every employer who deducts
and withholds or is required to deduct and withhold tax under this Act
shall, on or before the third  banking day following the close of a quarter
monthly period, pay to the Department or to a depositary designated by the
Department, pursuant to regulations prescribed by the Department, the taxes
so required to be deducted and withheld, whenever the aggregate amount
withheld by such employer (together with amounts previously withheld and
not paid to the Department) exceeds $1,000. For purposes of this Section,
Saturdays, Sundays, legal holidays and local bank holidays are not banking
days. A quarter monthly period, for purposes of this subsection, ends on
the 7th, 15th, 22nd and last day of each calendar month.  Every such
employer shall for each calendar quarter, on or before the last day of the
first month following the close of such quarter, and for the calendar year,
on or before January 31 of the succeeding calendar year, make a return with
respect to such taxes in such form and manner as the Department may by
regulations prescribe, and pay to the Department or to a depositary
designated by the Department all withheld taxes not previously paid to
the Department.

(c) Monthly Payments:  Returns.  Every employer required to deduct and
withhold tax under this Act shall, on or before the 15th day of the second
and third months of each calendar quarter, and on or before the last day of
the month following the last month of each such quarter, pay to the
Department or to a depositary designated by the Department, pursuant to
regulations prescribed by the Department, the taxes so required to be
deducted and withheld, whenever the aggregate amount withheld by such employer
(together with amounts previously withheld and not paid to the
Department) exceeds $500 but does not exceed $1,000.  Every such employer
shall for each calendar quarter, on or before the last day of the first
month following the close of such quarter, and for the calendar year, on or
before January 31 of the succeeding calendar year, make a return with
respect to such taxes in such form and manner as the Department may by
regulations prescribe, and pay to the Department or to a depositary
designated by the Department all withheld taxes not previously paid to
the Department.

(d) Annual Payments:  Returns.  Where the amount of compensation paid
by an employer is not sufficient to require the withholding of tax from the
compensation of any of its employees (or where the aggregate amount
withheld is less than $500), the Department may by regulation permit such
employer to file only an annual return and to pay the taxes required to be
deducted and withheld at the time of filing such annual return.

(e) Annual Return.  The Department may, as it deems appropriate, prescribe
by regulation for the filing of annual returns in lieu of quarterly returns
described in subsections (b) and (c).

(e-5) Annual Return and Payment.  On and after January 1, 1998,
notwithstanding subsections (b) through (d) of this Section, every employer who
deducts and withholds or is required to deduct and withhold tax from a person
engaged in domestic service employment, as that term is defined in Section 3510
of the Internal Revenue Code, may comply with the requirements of this Section
by filing an annual return and paying the taxes required to be deducted and
withheld on or before the 15th day of the fourth month following the close of
the employer's taxable year.  The annual return may be submitted with the
employer's individual income tax return.

(f) Magnetic Media Filing.  Forms W-2 that, pursuant to
the Internal Revenue Code and regulations promulgated thereunder, are
required to be submitted to the Internal Revenue Service on magnetic media,
must also be submitted to the Department on magnetic media for Illinois
purposes, if required by the Department.

(Source: P.A. 95-8, eff. 6-29-07.)