Chicago Business Filing Deadlines & Ongoing Requirements

Annual federal income tax return (extensions available via Form 7004 / 4868).

Free, one-time federal tax ID needed for tax filings, payroll and bank accounts.

Businesses holding property that has gone unclaimed — uncashed payroll or vendor checks, customer credits and refunds, unused gift cards, deposits — must report and turn it over to the state each year, after sending the owner a due diligence notice before the deadline. The annual report and payment are due May 1 for general property. Report before May 1; payment is made when the report is uploaded. A negative report is required only of business holders with sales over $1 million, publicly traded securities, net worth over $10 million or more than 100 employees. One vendor source gives April 30 for corporations and October 31 for financial institutions. Which state's law applies depends on the owner's last known address, or the business's state of incorporation when there is none, so a business can owe reports to several states.

Fee: $75. Required to keep the entity in good standing.

A person or service with a physical Illinois address to receive legal notices and service of process; listed with Illinois Secretary of State, Business Services.

Corporate income tax; Personal Property Replacement Tax on partnerships and S corporations.

Chicago and many municipalities require business licenses (Chicago: BACP).

The commercial space must be approved for its intended use before operating.

Most Chicago businesses need a license for their activity and location, with zoning and inspection sign-off where applicable.

Withheld income tax, Social Security and Medicare, plus employer share, via EFTPS.

Quarterly reconciliation of wages and payroll taxes.

Annual FUTA return and payment.

Wage statements to employees and transmittal to the SSA.

Employment eligibility verification, retained for 3 years after hire or 1 year after termination.

Employers must post the FLSA minimum wage, FMLA (50+ employees), EEO, OSHA, USERRA and related notices in a conspicuous place.

Employer account for state unemployment insurance contributions.

Withhold state income tax from wages and remit on the assigned deposit schedule; file annual reconciliation and W-2s.

Quarterly wage report and contribution payment. Illinois taxes the first $14,250 of each employee's wages (2026); new employers pay 2.8%, and experience-rated rates range from 0.2% to 6.5%.

Federal law requires reporting each new hire within 20 days of hire (some states require sooner).

Required at: 1 employee (even part-time).

Illinois employers of any size must give annual sexual harassment prevention training to all employees (one guide says by December 31), and restaurants and bars have an additional policy requirement.

Illinois requires employers with 1+ employees to provide paid sick leave, post notice and keep records.

State minimum wage, unemployment insurance, workers' compensation and anti-discrimination notices must be posted where employees can see them.

Employers covered by the Chicago Paid Leave and Paid Sick and Safe Leave Ordinance must provide leave, post notice and keep records.

Employers with five or more employees that have been in business at least two years and offer no qualified plan must register and enroll employees, or certify an exemption. The deadline for 5 to 15 employees was November 1, 2023. Penalty: $250 per employee the first year of noncompliance and $500 each year after, enforced by the Department of Revenue.

Employers with more than 10 employees keep Forms 300 and 301 for work-related injuries and illnesses, and post the Form 300A summary for the previous year at each establishment from February 1 through April 30. Records are kept five years. Report a work-related fatality within 8 hours and an inpatient hospitalization, amputation or loss of an eye within 24 hours.

Applicable large employers (50 or more full-time employees, counting part-time hours as full-time equivalents) give each full-time employee a Form 1095-C. The January 31 deadline is extended automatically by 30 days, to March 2 in most years (March 1 for the 2026 forms).

The transmittal Form 1094-C and each Form 1095-C are due to the IRS at the end of February on paper or March 31 electronically; employers filing 10 or more information returns in total must file electronically. Penalties apply per late or incorrect form.

Private employers with 100 or more employees file annually through the EEOC's online system; federal contractors with 50 or more employees and certain contracts have also filed. The EEOC sets each year's window (the 2024 report was due June 24, 2025, with no extensions), so check its data collections page.

Establishments with 250 or more employees submit their Form 300A summary through OSHA's Injury Tracking Application by March 2. Establishments with 20 to 249 employees in designated higher-hazard industries must also submit the summary, and those with 100 or more in the most hazardous industries submit Forms 300 and 301 data.

Quarterly estimated payments by owners on business income (Form 1040-ES), including self-employment tax.

Under the Freelance Worker Protection Act (from July 1, 2024), hiring a freelancer for $500 or more, counting contracts in a 120-day window, requires a written contract with both parties' contact information, the scope of work, payment terms and deadlines (the department publishes a model contract). Keep it two years and pay within 30 days of completion. A missing contract costs the greater of $500 or the contract value in statutory damages; late payment costs double the underpayment plus fees; the Attorney General can seek up to $5,000 per violation.

Under section 212 of the Unemployment Insurance Act, services for pay are employment unless the business proves the worker is free from its control and direction and the work is outside its usual course or places of business; the exemption is much narrower than the common idea of an independent contractor. Misclassification costs back contributions, 24% interest, penalties and possible personal liability for officers. Construction workers fall under the separate Employee Classification Act.

Required for each non-employee paid $2,000 or more in the year (payments made after 2025).

Required before making taxable sales; register with the state tax agency.

Collect sales tax from customers and remit on the filing frequency assigned by the state. Local sales taxes are collected and remitted on the same state return; the rate depends on the delivery location.

Home-based businesses need a home occupation permit and must comply with zoning limits (signage, customers, employees).

Illinois registers assumed names at the state level.

Articles of Organization (Certificate of Formation/Organization in some states).