Get Cbs-1 - Illinois Department Of Revenue - Revenue State Il

The CBS-1 form is a vital document for reporting the sale, purchase, or transfer of business assets in Illinois. This guide provides clear instructions on how to effectively complete the CBS-1 form online, ensuring that users have a thorough understanding of each section.

Follow the steps to successfully complete the CBS-1 form.

1. Click the ‘Get Form’ button to access the CBS-1 form and open it for editing.
2. Identify the business involved in the transaction. Enter the business name and the Illinois business tax number (IBT no.) or account identification number in the respective fields. Additionally, include the street address and federal employer identification number (FEIN) if applicable.
3. Provide details for the seller or transferor. Enter their name, home or mailing address, and contact information, including both daytime phone and fax numbers.
4. Detail the purchaser or transferee’s information. Fill in their name, home or mailing address, IBT number, FEIN, and contact details.
5. Describe the terms of the sale or transfer. Include the date of sale, selling price, and confirm if the entire business was sold. If applicable, state whether the registration numbers will remain active or provide the discontinuation date.
6. List any additional persons who should receive copies of the bulk sales correspondence. Enter the names, addresses, and contact information for each additional person.
7. Identify yourself as the submitter of the form. Input your name, mailing address, and your daytime telephone number.
8. Sign the form where indicated. This signature must be done by the person identified in the previous step.
9. Finally, mail or fax the completed CBS-1 form along with a copy of the sales contract and financing agreement to the appropriate department.

Complete your document filings accurately by following these steps online.