IIIinois Nonprofit Filing Requirements | Annual Report Filing (2024)

FAQs

Does Illinois require annual reports? ›

All business entities registered with the state of Illinois must file an annual report that confirms and/or amends basic information about your business.

Nonprofits aren't technically required to file an annual report, but they must file a similar report with the IRS. Form 990 is required to show the profits, losses, and expenses of your nonprofit over the past year.

Illinois Nonprofit Corporation Annual Report Requirements:

$10 + $1 filing fee. Due: Annually by the end of the month prior to the registration anniversary month. Reports may be filed up to 60 days prior to the start of the anniversary month.

In general, most states require corporations and other businesses with shareholders to file annual reports. If they fail to do so, they may lose their corporate designation and the tax advantages that go with that designation.

It is required for all companies registered under the Ministry of Corporate Affairs (under Section 217 of Companies Act, 2013) to present an annual report every year.

All charities must maintain accounting records and prepare accounts covering each financial year. Most registered charities must prepare an annual report.

Some of the components of required annual reports include: Form 990: All 501(c)(3) organizations must file an annual information return, typically Form 990, with the IRS. This form provides detailed information about the organization's finances, activities, governance, and compliance with tax laws.

Currently, all states, except Ohio, require some sort of annual report filing. Specific filing requirements and deadlines vary by state. Some states also require an initial report when first starting a business.

After failing to file your corporation's annual report on time, the state will write to you and may impose a late filing penalty that you must pay in addition to your regular annual report filing cost. The state will tell you when you must file by to avoid further action.

Does every organization have to write an annual report? ›

Statutory business entities — which include business corporations, nonprofit corporations, limited liability companies (LLCs), limited partnerships (LPs), and limited liability partnerships (LLPs) — are generally required to file an information report with the business entity filing office of their formation state and ...

Most states require nonprofit corporations to file one or more reports or registrations every year.

There must be at least three directors. They do not have to be Illinois residents or corporation members. You may list between three and seven directors on the Articles of Incorporation.

There is a $10 filing fee for nonprofits, and you can file online at the Illinois Secretary of State's website or by mail. The deadline is always prior to the first day of the anniversary month of your nonprofit's incorporation with the state.

Illinois Annual Report and Franchise Tax Due Dates and Fees

Late Fees: The penalty for failing to file an annual report and/or paying your franchise tax varies by entity. Corporations will be assessed 10% of the total franchise tax due. Nonprofits will pay an additional $3 and LLCs an additional $100.

If you suspect abuse or neglect you have a social responsibility to report it to the hotline. In addition, state law requires that most professionals in education, health care, law enforcement and social work report suspected neglect or abuse. These individuals are called Mandated Reporters.

Illinois LLC taxes and fees

The following are taxation requirements and ongoing fees for Illinois LLCs: Annual report. Illinois requires LLCs to file an annual report during the 60-day period before the first day of the anniversary month of the incorporation date.