- Illinois Department of Revenue amended a regulation regarding installment contracts and bad debts for finance companies and lending agencies
- The regulation clarifies that cash basis retailers unable to claim a bad debt deduction on their federal income tax return can claim a refund for sales tax paid on that portion
Source: vitallaw.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
