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.