Starting up a new company is an exciting endeavor, but at times it can feel like trying to juggle just a few too many balls, as there is a lot to keep track of and get finished before you are ready to start working.
One of the most important considerations when starting a new business, regardless of industry, is ensuring that you are following all local, state, and federal regulations. While many of these regulations will vary by industry, others are consistent across all fields.
One of the most important responsibilities of any business is ensuring that you are operating in accordance with any tax regulations. Failing to register your company or follow tax rules properly can lead to severe consequences, so you should always take extra care to ensure you are in compliance at all times, including during your company’s founding. That’s why one of the most critical steps when getting your company started is receiving your Illinois Business Tax (IBT) number from the Illinois Department of Revenue.
A business’ IBT number is a unique identifier assigned by the Illinois Department of Revenue. Once registered with IDOR, the business will maintain that IBT during its operation. This unique identifier is used during tax filings for the company as well as to identify the company as an employer on individual employee or contractor’s tax filings for money earned through the company. It is an essential piece of business information, and any staff members responsible for finances at the company should know or have easy access to the company’s IBT number.
Any company that does business in Illinois needs to have an IBT number. This includes not just companies that have their home base in the state, but also any company that does business with customers in Illinois, as well. If you are unsure if your business qualifies and needs to have an IBT number, a business consulting session allows you to sit down with a tax professional, discuss your business, and determine your needs.
If you have a business in Illinois, it is vital to ensure that you have received an IBT number to make sure that you are operating legally and capable of abiding by all tax laws and regulations. If you are unsure of your business’ IBT number, or unsure if you have had one issued to your business, there are several options available to determine your company’s IBT number:
If you discover your business does not have an IBT number, you should register to receive one immediately. If you are still unsure if you need to have an IBT number for your company, you should speak to your tax and finance professionals or contact the Illinois Department of Revenue yourself in order to inquire and ensure that you either do not need an IBT number or that you register for one if you do. You can register to receive an IBT number in one of the following ways:
The best way to ensure that your filing is completed correctly is to work with professional tax preparers who are experienced working in Illinois. Relying on their expertise ensures that the filing is accurate and that your business satisfactorily completes the process to gain registration with the state.
In an ideal world, you could handle your taxes with the push of a button, but in reality, it’s more complicated than that. With so much on the line when handling your tax information, it is also vitally important to ensure that everything is done correctly to avoid the risk of potentially costly fines and penalties. The best way to protect your company’s interests when it comes to your IBT number and other tax considerations is to work with a trustworthy accounting firm that can handle your paperwork and filing needs.
The accounting experts at Pasquesi Sheppard are the solution to all of your accounting and tax preparation needs, including an IBT number lookup.
If your company needs financial professionals you can rely on, Pasquesi Sheppard has a proven record of high-quality service that leaves clients satisfied. Don’t leave your company’s financial care up to chance.
Get in touch today to inquire about how Pasquesi Sheppard can help you.