Chicago
Bookkeeping services in Chicago
Outsourced bookkeeping for Chicago companies, including the Illinois replacement tax that sits on top of corporate income tax.
Outsourced bookkeeping for Chicago companies, including the Illinois replacement tax that sits on top of corporate income tax.
At a glance
Illinois charges corporations two things where most states charge one. Companies that budget for the headline corporate income tax rate and stop there are under-reserving, and they find out at filing.
The Personal Property Replacement Tax is not a tax on personal property. It replaced a property tax that was abolished, kept the name, and is now an additional tax on income, collected on top of the corporate income tax.
It also reaches entities that assume they are outside corporate tax entirely: partnerships and S corporations owe replacement tax even though their income passes through to the owners.
Two taxes on the same base means the apportionment and the add-backs have to be right once and then used twice. A close that produces a defensible Illinois number produces both filings; a close that does not produces two problems.
Daily categorisation and reconciliation, a monthly close with a named accountant, and Illinois reserved for properly rather than at the headline rate. Delaware C-corps get the franchise tax handled alongside the Illinois filing.
We are remote, with no Chicago office.