Stuart Wilson, ACMA CGMA Fractional CFO & Controller · AICPA Member
Illinois's 7% flat corporate income tax, plus the 2.5% replacement tax, Cook County layers, and Chicago's unique lease tax create a compliance environment that demands precision. Management accounts on your desk by the 5th, cash-flow forecasts updated weekly, and franchise-tax phase-out tracked — by a CGMA with 24 years in professional finance.
No contracts · Cancel anytime · From $3,995/mo
Illinois imposes a flat 7% corporate income tax plus a 2.5% Personal Property Replacement Tax (PPRT) on corporations (1.5% on partnerships and S-corps). That 9.5% combined rate is among the highest in the Midwest. Quarterly estimated payments, apportionment optimization, and entity-structure planning are essential — not optional.
Illinois is phasing out its franchise tax through 2024, with the exemption increasing annually. But the phase-out has specific thresholds and timelines that require tracking. Businesses with paid-in capital above the exemption amount still owe the tax. We monitor the phase-out schedule, calculate your exposure, and ensure you're not overpaying during the transition.
Operating in Cook County or Chicago adds unique tax obligations: Chicago's Personal Property Lease Transaction Tax (the "lease tax" — 9% on non-possessory computer leases including SaaS), the Cook County sweetened beverage tax, and local amusement taxes. These niche taxes are easy to miss and expensive to discover in an audit. We track them all.
Illinois remains a top-5 US manufacturing state. Manufacturers need job costing, inventory valuation under GAAP, COGS analysis, and access to Illinois's manufacturing machinery & equipment sales-tax exemption. The state's EDGE (Economic Development for a Growing Economy) tax credit and Enterprise Zone programs also require ongoing documentation to claim. We handle all of it.
Everything a full-time CFO delivers — without the $250K salary.
Full P&L, balance sheet, cash flow statement. US GAAP-compliant. Board-ready with variance commentary — not a raw trial balance.
Revenue, gross margin, AR days, AP days, cash runway, burn rate. Updated live. Know where you stand before month-end.
Rolling weekly cash forecast with scenario modelling. The document lenders and investors ask for — always current.
IL income tax & PPRT, franchise tax phase-out, Chicago lease tax, sales-tax nexus, and annual report filings. Working papers prepared for your CPA.
45-minute call to review the numbers, flag risks, discuss opportunities. Like having a CFO in the room without the full-time overhead.
Monthly variance analysis so you know exactly where you're over or under plan — before it becomes a problem.
No contracts. No hidden fees. Cancel with 30 days' notice.
Monthly management accounts, bank reconciliation, compliance tracking
Full strategic CFO — for businesses scaling past $5M
Multi-entity, M&A-ready, investor reporting
Illinois's flat 7% corporate income tax plus the 2.5% Personal Property Replacement Tax creates a combined 9.5% rate on C-corps (8.5% on S-corps and partnerships). We calculate quarterly estimated payments, optimize apportionment using the single-sales-factor formula, and prepare all working papers for your CPA.
Illinois has been phasing out its franchise tax with increasing exemption amounts. We track the phase-out schedule, calculate whether your paid-in capital exceeds the current exemption, and ensure you're not still paying a tax that no longer applies to your entity. Many businesses overpay during transition periods — we make sure you don't.
Chicago imposes a 9% tax on non-possessory computer leases — which the city interprets to include SaaS, cloud computing, and streaming services used by Chicago businesses. If you're a SaaS company with Chicago customers, or a Chicago business using cloud software, we track your lease-tax obligations and prepare filings.
Illinois's 6.25% state rate plus local retailers' occupation taxes (up to ~11% in Chicago) apply to tangible goods. The manufacturing machinery & equipment exemption (1% reduced rate) requires proper documentation. We reconcile sales-tax filings monthly, ensure exemptions are applied correctly, and monitor economic-nexus thresholds.
Illinois's EDGE (Economic Development for a Growing Economy) tax credit rewards job creation and capital investment. Enterprise Zones offer sales-tax exemptions on building materials and utility tax exemptions. We maintain the documentation, track compliance milestones, and calculate the credit value for your CPA's filings.
Illinois corporations and LLCs must file annual reports with the Secretary of State. Domestic corps pay $75, LLCs pay $75. Late filing risks administrative dissolution and reinstatement fees. We track all deadlines and ensure your entity stays in good standing.
Job costing, inventory valuation, COGS analysis, M&E sales-tax exemption documentation, and EDGE credit tracking for Illinois's industrial base.
Multi-provider P&L, insurance reimbursement tracking, practice-level profitability, and Illinois hospital assessment compliance for healthcare organizations.
ARR/MRR tracking, ASC 606 revenue recognition, Chicago lease-tax compliance for SaaS companies, and investor-ready reporting for Chicago's growing tech scene.
Commodity hedging accounting, crop-insurance revenue recognition, inventory valuation for perishables, and USDA grant tracking for Illinois's agricultural economy.
Fleet-cost analysis, fuel-tax tracking, IFTA reporting, and route-level profitability for Chicago's position as the nation's freight hub.
IOLTA trust accounting, matter-level profitability, partner compensation modelling, and ARDC compliance for client trust accounts.
We calculate quarterly estimated payments for both the 7% income tax and the 2.5% PPRT (1.5% for pass-throughs). We optimize apportionment using Illinois's single-sales-factor formula — meaning if your sales are heavily out-of-state, your IL tax liability may be significantly lower than the headline rate. We model this each quarter and prepare the working papers your CPA needs for filing.
Illinois has been phasing out the franchise tax with increasing exemption thresholds. As of 2024, the exemption has risen significantly, but businesses with high paid-in capital may still owe. We track the specific phase-out schedule, calculate your exposure based on your entity's paid-in capital, and ensure you stop paying the moment it no longer applies to you.
Chicago's Personal Property Lease Transaction Tax imposes a 9% tax on "non-possessory computer leases" — which the city interprets to include SaaS subscriptions, cloud computing services, and streaming content used by Chicago-based customers. If you sell SaaS to Chicago businesses or you're a Chicago business using cloud software, you likely have lease-tax obligations. We track and calculate this tax so you stay compliant.
Yes. We track EDGE (Economic Development for a Growing Economy) credit compliance milestones — job creation targets, capital investment requirements, and wage thresholds. We maintain the documentation the state requires, calculate annual credit amounts, and coordinate with your CPA for proper credit claiming on your IL-1120. We also track Enterprise Zone benefits including the 1% manufacturing M&E sales-tax rate.
Most Illinois engagements are fully onboarded within 2 weeks. We connect to your QuickBooks, Xero, or Sage instance on day one, run a diagnostic on your chart of accounts by day three, and deliver your first management pack by the end of week two. No long implementation projects.
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30-minute discovery call. We'll review your current setup, identify gaps, and show you exactly what your management accounts should look like. No pitch — just proof.
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