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Level 2

How is IL Small Business Corporation Replacement Tax entered in Quickbooks?

 
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QuickBooks Team

How is IL Small Business Corporation Replacement Tax entered in Quickbooks?

Thank you for posting, @JacWhit.

 

You’ll have to set it up first before you can start collecting, reviewing and then paying this sales tax. Turn this feature on to start recording sales tax in QuickBooks Desktop. 

 

Here’s how:

  1. Go to the Edit menu to access Preferences.
  2. On the window that appears, select Sales Tax from the left tab then go to the Company Preferences tab.
  3. Toggle Yes to turn on sales tax.
  4. Provide all the necessary information.
  5. Click OK once you’re done. 

Check this article for more information: Set up sales tax in QuickBooks Desktop

 

To know more about the sales tax workflow, check these articles:

Let us know if there's anything that you need. The Community is always here to assist. Have a wonderful day!

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Level 2

How is IL Small Business Corporation Replacement Tax entered in Quickbooks?

Thanks, but this is not a sales tax.

Replacement Tax, also known as Personal Property Replacement Tax, is a tax imposed on income of corporations, subchapter S corporations, partnerships, trusts and public utilities. This tax replaces money lost by local governments when their power to impose personal property taxes was taken away. Replacement tax is collected from corporations, subchapter S corporations, partnerships, trusts, and public utilities by the State of Illinois and paid to local governments.

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