Fractional CFO Services in Chicago

When a business sells the major part of its inventory, fixtures, equipment or real property outside the ordinary course, the buyer files Form CBS-1 with the Illinois Department of Revenue at least 10 business days before the sale. A buyer that misses it is personally liable for the seller's unpaid sales, income and withholding taxes, up to the reasonable value of the assets. Unemployment insurance works separately: the buyer withholds enough of the price until the seller shows a receipt or a no-amount-due certificate from the Illinois Department of Employment Security. More on how we work with newly acquired businesses.

The credit is 6.5% of qualified research spending in Illinois above the average of the prior three years, using the federal definitions. It isn't refundable, unused credit carries forward five years, and partners and S corporation shareholders can claim it. Public Act 104-468 extended it through at least 2031, and a new AIM for Illinois manufacturing credit applies to tax years beginning on or after January 1, 2026.

Only above the Freedom to Work Act's pay floors. A non-compete is void unless the employee's earnings exceed $75,000, rising to $80,000 on January 1, 2027, and a non-solicit needs earnings above $45,000, rising to $47,500. The employer must advise the employee in writing to consult an attorney and allow 14 calendar days to review. Non-competes are void for construction workers other than owners and those in management, engineering, design or sales.

Final pay is due by the next regularly scheduled payday, whether the employee resigns or is discharged, and it includes earned vacation; Illinois bars policies that forfeit it. Leave under the state Paid Leave for All Workers Act has no payout requirement. In Chicago, employers with 51 or more employees pay out unused paid leave, but the ordinance never requires a payout of sick leave. Cook County's ordinance requires leave credited to a PTO or vacation bank to be paid within 15 days of separation.

Yes, if it has more than $1 million in annual sales, more than 100 employees, more than $10 million in net worth or publicly traded securities. Most businesses report before May 1 for the prior calendar year. Unclaimed wages go dormant after one year, and most other property, such as checks, after three.

Yes, though the first $10,000 of tax has been exempt since January 1, 2025. The tax is 0.1% of the paid-in capital allocated to Illinois, so a corporation with about $10 million or less of allocated paid-in capital owes nothing. Corporations also pay a $75 annual report fee, and an LLC's annual report costs $75 plus $50 per series.

Chicago licenses general contractors in five classes set by project value: Class A has no limit, and Classes B, C and D now reach $20 million, $10 million and $4 million. Those three caps doubled on January 6, 2026, fees for Classes A through D rose, and fees rise with CPI starting in 2027. On materials, Illinois treats the contractor as the end user, so it pays tax when it buys them and collects none on a lump-sum contract; materials bought outside Chicago for use in the city also carry the city's 1% use tax. More on fractional controllers for construction companies.

An original contractor records a claim, or sues, within four months after completion to bind buyers, lenders and other creditors; against the owner alone, it has two years. A subcontractor or supplier serves written notice on the owner, and on the lender if known, within 90 days after completing its work, by certified mail, a tracked national courier or personal service. No notice is needed where the contractor's sworn statement already disclosed the amount.