Schedule UB Combined Apportionment for Unitary Business Group - Illinois

What Is Schedule UB?

This is a legal form that was released by the Illinois Department of Revenue - a government authority operating within Illinois. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Schedule UB?
A: Schedule UB is a form used to apportion income for a unitary business group in the state of Illinois.

Q: What is a unitary business group?
A: A unitary business group refers to a group of businesses that are connected and interdependent, often sharing resources and management.

Q: What is apportionment?
A: Apportionment is the process of dividing and allocating income, deductions, and credits among different states in which a business operates.

Q: Why is apportionment necessary?
A: Apportionment is necessary because businesses often operate in multiple states, and it ensures that each state receives its fair share of the income based on the company's activities within that state.

Q: Who needs to file Schedule UB?
A: Schedule UB is typically required to be filed by unitary business groups that have operations in Illinois.

Q: What information is required on Schedule UB?
A: Schedule UB requires detailed information about the businesses within the unitary group, including their income, deductions, and apportionment factors.

Q: When is Schedule UB due?
A: The due date for Schedule UB may vary, but it is typically due at the same time as the business's tax return for the state of Illinois.

Q: Is Schedule UB only applicable to Illinois?
A: Yes, Schedule UB is specific to the state of Illinois and is used to apportion income for unitary business groups operating within the state.

Q: Are there any penalties for not filing Schedule UB?
A: Failure to file Schedule UB or providing inaccurate information may result in penalties and interest charges.