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Form CBS-1 Notice of Sale, Purchase, or Transfer of Business Assets - Illinois
What Is Form CBS-1?
This is a legal form that was released by the Illinois Department of Revenue - a government authority operating within Illinois. Check the official instructions before completing and submitting the form.
FAQ
Q: What is the purpose of Form CBS-1?
A: Form CBS-1 is used to notify the Illinois Department of Revenue about the sale, purchase, or transfer of business assets in the state.
Q: Who needs to file Form CBS-1?
A: The buyer or transferee of the business assets is generally responsible for filing Form CBS-1 within 30 days of the transaction.
Q: What information is required on Form CBS-1?
A: The form requires details about the buyer, seller, and the transaction, including the purchase price and the type of assets involved.
Q: Are there any exemptions or exceptions to filing Form CBS-1?
A: Yes, certain transactions may be exempt from filing, such as transfers between related entities or transfers of nominal consideration.
Q: Are there any penalties for not filing Form CBS-1?
A: Yes, failure to file Form CBS-1 or filing it late may result in penalties imposed by the Illinois Department of Revenue.
Form Details:
- Released on January 1, 2019;
- The latest edition provided by the Illinois Department of Revenue;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form CBS-1 by clicking the link below or browse more documents and templates provided by the Illinois Department of Revenue.
Download Form CBS-1 Notice of Sale, Purchase, or Transfer of Business Assets - Illinois
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