A first-year compliance timeline for an Illinois company with foreign owners starts before the first filing and ends with the annual report. The Deodar-Cedar-Oak Year-One Roll below lists each step in order, and the table ties every step to a law in our Business laws section or to an existing guide. Rules are shown as rules, such as "within 30 days of start-up". A calendar date appears only where an agency published it or where we worked it out from a published rule, and worked-out dates are labeled "derived".
- Choose the entity and name; check who may own it
- File articles with the Secretary of State; $150 filing fee
- Get the EIN; founders abroad apply by phone, fax or mail
- Register with the Illinois Department of Revenue
- Employers register with IDES
- Report each new employee to the state
- Pay wages and deposit payroll taxes
- File Form 941 and Form IL-941
- W-2 and 1099-NEC forms and entity tax returns
- FBAR for the prior year, if foreign accounts total over $10,000
- Annual report, filed in the 60 days before it starts
Source: federal and Illinois rules cited in the table
What goes on a first-year compliance timeline for an Illinois company?
| Step | Law or guide | When, and how the date is known |
|---|---|---|
| Choose the entity; any person can be an LLC member | LLC Act, Business Corporation Act | Before filing. Rule only |
| File articles, $150 (a corporation may also owe franchise tax); name an Illinois registered agent | LLC Act, Business Corporation Act | Day 1. 2026 fee |
| A company formed in another state or country applies for admission, $150 | Foreign qualification guide | Before doing business here. Rule only |
| Get the EIN | EIN guide | After the entity exists. Rule only |
| Ownership report to FinCEN | Corporate Transparency Act | None if Illinois-formed. A foreign-formed company registered here has 30 days after notice that its registration took effect. Rule only |
| Set federal tax status: Form 8832 (up to 75 days back or 12 months forward) or Form 2553 (within 2 months 15 days of the year's start); no nonresident alien S shareholder | Internal Revenue Code, foreign-owned LLC guide | Start of year one. Rule only |
| Register with IDOR (Form REG-1) | Income Tax Act, sales and use tax | Before the first sale or hire. Rule only |
| Register with IDES, insure for workers' compensation, report new hires | Employer registrations guide | IDES within 30 days; new hires within 20 days. Rule only |
| First-hire paperwork: Forms W-4 and I-9, required posters, sexual harassment prevention training; before ordering a background report, a stand-alone disclosure and written authorization | FLSA, OSHA, Human Rights Act, FCRA, hiring guide | At hire; the training is yearly for all employees. Rule only |
| Pay most staff at least twice a month; Illinois minimum wage $15.00 (four or more employees) | Wage Payment and Collection Act, Cook minimum wage | Each pay period. Cook rate $15.40 from July 1, 2026 |
| Count U.S. staff against the FMLA test: 50 employees on payroll in 20 workweeks, leaving out people working outside the United States and its territories | FMLA | Weekly, as headcount nears 50. Rule only |
| Deposit payroll taxes; new employers deposit monthly in year one, by the 15th | FICA | October 2026 wages: Monday, November 16, 2026. Published |
| Payroll returns: Form 941 and IL-941; after year end W-2, 1099-NEC ($2,000 threshold) and Form 940 | FICA, Income Tax Act | Q3 2026: November 2, 2026. Q4 2026: February 1, 2027 (IL-941 published; Form 941 and year-end forms derived) |
| Entity returns: partnership or S corporation on the 15th day of month 3; C corporation or pro forma Form 1120 with Form 5472, month 4; Illinois IL-1065 and IL-1120 month 4, IL-1120-ST month 3 | Internal Revenue Code, Income Tax Act | Calendar 2026: March 15 and April 15, 2027, derived. An extension does not extend time to pay |
| FBAR if foreign accounts total over $10,000 | BSA and FBAR | April 15, automatic October 15; for 2026, April 15 and October 15, 2027, derived |
| Annual report, $75; a corporation may also owe franchise tax | LLC Act, Business Corporation Act | Filed in the 60 days before the anniversary month, due before it. Rule only |
| Local licenses; Cook County's General Business License covers unincorporated areas only, $40 for the period ending February 28, 2027 | Cook licensing, local licenses guide | Before opening. Fee period published |
| Later changes: Social Security wage base $192,300; non-compete floor $80,000 and non-solicit floor $47,500; a Human Rights Act rule on criteria with a discriminatory effect; the IDHR report if a final adverse judgment came the year before | FICA, Restrictive covenants, Human Rights Act | January 1, 2027 (wage base, floors); June 1, 2027 (rule); July 1 each year (report). Published |
How we can help
We run the U.S. tax, payroll and accounting steps above from our base in the Aurora, Illinois area and coordinate with your attorney, Canadian CPA or Indian CA. See business formation and registrations and payroll and employer compliance.
Frequently asked questions
When is the first Illinois annual report due?
Before the first day of the anniversary month, the month the company was organized. You may file in the 60 days before that date, and the first due date falls in the year after formation. A company organized in November 2026 files before November 1, 2027 (a derived date). The fee is $75, and a corporation may also owe franchise tax.
Does a company owned from India or Canada file a BOI report in its first year?
Not if it is an Illinois LLC or corporation. A company formed abroad and registered in Illinois reports to FinCEN within 30 days after notice that its registration took effect, unless an exemption applies, and information about U.S. persons is left out.
Which forms does a one-owner LLC owned by a foreign person file?
Usually a pro forma Form 1120 with Form 5472 for a year with reportable transactions between the LLC and its owner, such as the first contribution. S status is not available with a nonresident alien owner. Our foreign-owned LLC guide has the details.
What changes when the first employee works in Cook County?
Cook County paid leave applies to staff working in Cook County outside Chicago and outside suburbs that lawfully preempted it, at 1 hour per 40 worked. The County minimum wage ($15.40 since July 1, 2026) applies to employers with four or more employees and a Cook facility or license, unless the town opted out. A Kane, DuPage, Will or Kendall workplace follows state law.
Official sources
- IRS: Publication 509 (2026), Tax Calendars
- Illinois Department of Revenue: Publication 131-D, 2026 withholding due dates
- Illinois General Assembly: Limited Liability Company Act (805 ILCS 180)
- Illinois Department of Revenue: Business registration
- FinCEN: Beneficial Ownership Information reporting
This page summarizes public guidance in plain language. If anything here differs from the official source, the official source controls.