Form IL-1120 Schedule UB / INS Tax for a Unitary Business Group With Foreign Insurer Members - Illinois

What Is Form IL-1120 Schedule UB/INS?

This is a legal form that was released by the Illinois Department of Revenue - a government authority operating within Illinois.The document is a supplement to Form IL-1120, Corporation Income and Replacement Tax Return. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form IL-1120 Schedule UB/INS?
A: Form IL-1120 Schedule UB/INS is a tax form used by unitary business groups with foreign insurer members in Illinois.

Q: Who should file Form IL-1120 Schedule UB/INS?
A: Unitary business groups with foreign insurer members in Illinois should file Form IL-1120 Schedule UB/INS.

Q: What is a unitary business group?
A: A unitary business group refers to a group of corporations that are engaged in a unitary business.

Q: What are foreign insurer members?
A: Foreign insurer members are corporations that are engaged in the business of insurance and are not domiciled in the United States.

Q: What is the purpose of filing Form IL-1120 Schedule UB/INS?
A: The purpose of filing Form IL-1120 Schedule UB/INS is to calculate and report the tax liability of unitary business groups with foreign insurer members in Illinois.

Q: When is the deadline for filing Form IL-1120 Schedule UB/INS?
A: The deadline for filing Form IL-1120 Schedule UB/INS is the same as the deadline for filing the Illinois corporate income tax return, which is generally the 15th day of the 3rd month following the end of the tax year.

Q: Is there a penalty for late filing of Form IL-1120 Schedule UB/INS?
A: Yes, there may be penalties for late filing of Form IL-1120 Schedule UB/INS, depending on the circumstances and the amount of tax owed.

Q: Can Form IL-1120 Schedule UB/INS be filed electronically?
A: Yes, Form IL-1120 Schedule UB/INS can be filed electronically using the Illinois Department of Revenue's e-file system.