Instructions for Form LSE-1-X "Amended Tax Return for Vehicle Leasing Companies" - Illinois

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Illinois Department of Revenue
LSE-1-X Instructions for Amended Tax Return for
Vehicle Leasing Companies
General Information
Who must file Form LSE-1-X?
What is the deadline for filing this form?
You must file Form LSE-1-X if you are a leasing company registered
The period for which you can claim a credit for an overpayment
to file Form LSE-1, Tax Return for Vehicle Leasing Companies, and
depends on when you file your Form LSE-1-X. If you file this
you need to
amended return between January 1 and June 30 of this year, you
may file a claim for credit for the amounts you overpaid during the
• correct your Form LSE-1 to pay more tax;
current year and previous 36 months. Beginning July 1, you may file
• request a credit for tax you overpaid (Do not file Form LSE-1-X
a claim for the amounts you overpaid during the current year and the
for amounts less than $1. Do not use the credit until we notify you
previous 30 months.
that your credit has been approved.);
Note: There is no deadline for making additional payments; however,
• respond to a notice or bill;
the longer you wait to pay, the more interest and, when applicable,
• make corrections to line items but not change the amount of tax
penalty you will owe. For more information about penalties and
due.
interest, see Publication 103, Penalties and Interest for Illinois Taxes,
If your original return needs to be transferred to a different reporting
available on our website at tax.illinois.gov.
period within the same account, do not use Form LSE-1-X. You must
What if I have questions?
send us a letter requesting the correction.
Call us weekdays between 8:00 a.m. and 4:30 p.m. at
You must file one Form LSE-1-X for each reporting period you want
1 800 732-8866 or 217 782-3336. Call our TDD (telecommunications
to amend. You cannot file one Form LSE-1-X to amend multiple
device for the deaf) at 1 800 544-5304.
reporting periods.
How do I calculate my tax due?
Follow the step-by-step instructions at the bottom of the page and the
instructions for Form LSE-2 to calculate your tax due.
Must I file this return and pay the tax electronically?
Yes. Illinois law requires that Form LSE-1-X be filed electronically
and that any accompanying tax payment be paid electronically.
MyTax Illinois on our website at tax.illinois.gov allows you to file
your Form LSE-1-X and make an electronic payment of any tax due.
Specific Instructions
Step 1: Figure tax
Lines 10 and 11: Compare Line 8 and Line 9. If Line 9 is greater
than Line 8, enter the difference on Line 10. This is the amount you
Lines 1 and 2: Using Form LSE-2, enter the total amount of
have overpaid. If Line 9 is less than Line 8, enter the difference on
additional reportable amounts paid by your lease customers that
Line 11. This is the amount you have underpaid. Pay this amount
were not calculated at the start of the qualifying lease, and enter the
when you file the return. We will bill you for any additional penalty
total tax due.
and interest that we calculate is due.
Line 3: Complete this line only if you originally filed and paid the tax
Penalties and interest information
owed by the due date. If you filed on time, figure your discount at the
If, on this amended return, you are increasing the amount of tax
rate of 1.75 percent (.0175) of the amount you paid on time.
due, we will bill you for any additional penalty and interest that we
If you are increasing the amount of tax due, you may not increase
calculate is due.
the amount of your discount unless the increased tax due is paid on
If, on this amended return, you are reducing the amount of tax due,
or before the due date of the original return. If you are decreasing the
we will recalculate any penalty and interest that is due and include
amount of tax due, you will need to refigure the amount of discount to
the recomputed amounts in determining the amount you have
which you are entitled based on your new figures.
overpaid.
Line 4: Subtract Line 3 from Line 2.
You owe a late filing penalty if you do not file a processable return
Line 5: If you collected more tax than is due on the transactions
by the due date, a late payment penalty if you do not pay the
reported on your Form LSE-2 entries, enter the total amount you
amount you owe by the original due date of the return, a bad check
overcollected.
penalty if your remittance is not honored by your financial institution,
Line 6: Add Lines 4 and 5.
and a cost of collection fee if you do not pay the amount you
Line 7: If you have a credit memorandum or prior overpayment and
owe within 30 days of the date printed on a bill that we send you.
you wish to use it towards what you owe, enter the amount you are
We will bill you for any amounts owed. For more information, see
using.
Publication 103, Penalties and Interest for Illinois Taxes, available on
our website at tax.illinois.gov.
Line 8: Subtract Line 7 from Line 6. This is your total tax due after
credits.
Line 9: Enter the total amount you have paid. This figure includes
the amount you paid with your original Form LSE-1, any subsequent
amended returns, and any assessment payments you have made.
Reduce the total amount paid by any credit or refund of tax you have
received for transactions reported here.
LSE-1-X Instructions (N-01/15)
Illinois Department of Revenue
LSE-1-X Instructions for Amended Tax Return for
Vehicle Leasing Companies
General Information
Who must file Form LSE-1-X?
What is the deadline for filing this form?
You must file Form LSE-1-X if you are a leasing company registered
The period for which you can claim a credit for an overpayment
to file Form LSE-1, Tax Return for Vehicle Leasing Companies, and
depends on when you file your Form LSE-1-X. If you file this
you need to
amended return between January 1 and June 30 of this year, you
may file a claim for credit for the amounts you overpaid during the
• correct your Form LSE-1 to pay more tax;
current year and previous 36 months. Beginning July 1, you may file
• request a credit for tax you overpaid (Do not file Form LSE-1-X
a claim for the amounts you overpaid during the current year and the
for amounts less than $1. Do not use the credit until we notify you
previous 30 months.
that your credit has been approved.);
Note: There is no deadline for making additional payments; however,
• respond to a notice or bill;
the longer you wait to pay, the more interest and, when applicable,
• make corrections to line items but not change the amount of tax
penalty you will owe. For more information about penalties and
due.
interest, see Publication 103, Penalties and Interest for Illinois Taxes,
If your original return needs to be transferred to a different reporting
available on our website at tax.illinois.gov.
period within the same account, do not use Form LSE-1-X. You must
What if I have questions?
send us a letter requesting the correction.
Call us weekdays between 8:00 a.m. and 4:30 p.m. at
You must file one Form LSE-1-X for each reporting period you want
1 800 732-8866 or 217 782-3336. Call our TDD (telecommunications
to amend. You cannot file one Form LSE-1-X to amend multiple
device for the deaf) at 1 800 544-5304.
reporting periods.
How do I calculate my tax due?
Follow the step-by-step instructions at the bottom of the page and the
instructions for Form LSE-2 to calculate your tax due.
Must I file this return and pay the tax electronically?
Yes. Illinois law requires that Form LSE-1-X be filed electronically
and that any accompanying tax payment be paid electronically.
MyTax Illinois on our website at tax.illinois.gov allows you to file
your Form LSE-1-X and make an electronic payment of any tax due.
Specific Instructions
Step 1: Figure tax
Lines 10 and 11: Compare Line 8 and Line 9. If Line 9 is greater
than Line 8, enter the difference on Line 10. This is the amount you
Lines 1 and 2: Using Form LSE-2, enter the total amount of
have overpaid. If Line 9 is less than Line 8, enter the difference on
additional reportable amounts paid by your lease customers that
Line 11. This is the amount you have underpaid. Pay this amount
were not calculated at the start of the qualifying lease, and enter the
when you file the return. We will bill you for any additional penalty
total tax due.
and interest that we calculate is due.
Line 3: Complete this line only if you originally filed and paid the tax
Penalties and interest information
owed by the due date. If you filed on time, figure your discount at the
If, on this amended return, you are increasing the amount of tax
rate of 1.75 percent (.0175) of the amount you paid on time.
due, we will bill you for any additional penalty and interest that we
If you are increasing the amount of tax due, you may not increase
calculate is due.
the amount of your discount unless the increased tax due is paid on
If, on this amended return, you are reducing the amount of tax due,
or before the due date of the original return. If you are decreasing the
we will recalculate any penalty and interest that is due and include
amount of tax due, you will need to refigure the amount of discount to
the recomputed amounts in determining the amount you have
which you are entitled based on your new figures.
overpaid.
Line 4: Subtract Line 3 from Line 2.
You owe a late filing penalty if you do not file a processable return
Line 5: If you collected more tax than is due on the transactions
by the due date, a late payment penalty if you do not pay the
reported on your Form LSE-2 entries, enter the total amount you
amount you owe by the original due date of the return, a bad check
overcollected.
penalty if your remittance is not honored by your financial institution,
Line 6: Add Lines 4 and 5.
and a cost of collection fee if you do not pay the amount you
Line 7: If you have a credit memorandum or prior overpayment and
owe within 30 days of the date printed on a bill that we send you.
you wish to use it towards what you owe, enter the amount you are
We will bill you for any amounts owed. For more information, see
using.
Publication 103, Penalties and Interest for Illinois Taxes, available on
our website at tax.illinois.gov.
Line 8: Subtract Line 7 from Line 6. This is your total tax due after
credits.
Line 9: Enter the total amount you have paid. This figure includes
the amount you paid with your original Form LSE-1, any subsequent
amended returns, and any assessment payments you have made.
Reduce the total amount paid by any credit or refund of tax you have
received for transactions reported here.
LSE-1-X Instructions (N-01/15)
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