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IRS and Illinois Department of Revenue Tax Documents
Below are quick links to the most recent tax forms/instructions from the Internal Revenue Service and the Illinois Department of Revenue.
You will also find Tax Record Retention Guidelines given by they IRS for your business.
ILLINOIS EMPLOYER TAX FORMS
ILLINOIS EMPLOYER TAX FORMS
ILLINOIS EMPLOYER TAX FORMS
Looking for a particular Illinois Tax Forms? Employers can click on the link below to find the form & instructions needed for your employees.
Employees
- IL W-4 Form (Illinois Withholding Allowance Certificate and Instructions)
- IL UI-1 Form (Illinois State Unemployment Tax Business Registration)
- IL New Hire Form (Illinois State Employee Registration)
ContractorsThere are no forms needed for contractors for the State of Illinois.
IRS EMPLOYER TAX FORMS
ILLINOIS EMPLOYER TAX FORMS
ILLINOIS EMPLOYER TAX FORMS
Looking for a particular Federal form? Employers can click on the link below to find the form & instructions needed for your employees and contractors.
Employees
- W-4 Form (Illinois W-4 for state tax withholding)
- I-9 Form (Employment Eligibility Verification);
Contractors
- W-9 Form (Request for Taxpayer Identification Number & Certification) W-9 form
- W-9 Misc & W-9 NEC form instructions W-9 instructions
Out with the Old and In with the New .... Does Your Business Know What Records to Keep?
The new year means new files. But what do you do with the old ones? The IRS has established rules for what records to keep and for how long. The IRS guidelines below will provide you with retention periods for the most common business records.
Accounting Records
- Accounts Payable - 7 Years
- Accounts Receivable - 7 Years
- Audit Reports - Permanent
- Chart of Accounts - Permanent
- Depreciation Schedules - Life of Assets Plus 7 Years
- Expense Records - 7 Years
- Financial Statements (Annual) - Permanent
- Fixed Asset Purchases - Permanent
- General Ledger - Life of Business Plus 7 Years
- Inventory Records - 7 Years (Permanent for LIFO System)
- Loan Payment Schedules - 7 Years
- Purchase Orders (1 Copy) - 7 Years
- Purchase Orders (1 Copy) - 7 Years
- Sales Records - 7 Years
- Tax Returns - Permanent
Bank Records
- Bank Reconciliations - 2 Years
- Bank Statements - 7 Years
- Canceled or Substitute Checks - 7 Years (Permanent for Real Estate Purchases)
- Electronic Payment Records - 7 Years
Corporate Records
- Board Minutes - Life of Company Plus 7 Years
- Business Licenses - Permanent
- Bylaws - Permanent
- Contracts (Major) - Permanent
- Contracts (Minor) - Life + 4 Years
- Insurance Policies - Life + 3 Years (Check with your Agent. Liability for Prior Years can vary.
- Leases/Mortgages - Permanent
- Patents/Trademarks - Permanent
- Shareholder Records - Permanent
- Stock Registers - Permanent
- Stock Transactions - Permanent
Employee Records
- Benefit Plans - Permanent
- Employee Files (Ex-Employees) - 7 Years (Or Statute of Limitations for Employee Lawsuits)
- Employment Applications - 3 Years
- Employment Taxes - 7 Years
- Payroll Records - 7 Years
- Pension/Profit Sharing Plans - Permanent
Real Property Records
- Construction Records - Permanent
- Leasehold Improvements - Permanent
- Lease Payment Records - Life + 4 Years
- Real Estate Purchases - Ownership Period Plus 7 Years
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