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Expert Analysis

Illinois Tax Talk: Financial Organization Apportionment

By Christopher Lutz (July 18, 2018, 3:34 PM EDT) -- Financial organizations in Illinois are required to follow different apportionment rules than general service providers. Prior to Dec. 31, 2017, such businesses were also required to file separate unitary business returns from taxpayers that filed their income tax returns under the standard apportionment rules. Beginning with the tax year ending Dec. 31, 2017, however, financial organizations must be included in the combined return with the entire unitary business group.[1] It is therefore crucial for taxpayers to understand the nuances as to how to calculate the apportionment factor for financial organizations in Illinois....

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