IL Tax & Accounting Services
Kurt Simmons CPA provides comprehensive tax and financial services to individuals and businesses throughout Illinois (IL). With its major financial center and diverse business economy, we understand the unique financial landscape that comes with doing business in Illinois.
Under the CPA Mobility Act, our CPA — licensed in Maryland, Delaware, and Florida — is authorized to provide the full range of attestation, tax, and advisory services to Illinois clients without the need for an additional state license. This means Illinois individuals and businesses receive the same comprehensive service as our home-state clients: financial statement audits, tax strategy, IRS representation, virtual CFO services, and every other service we offer — delivered through our technology-forward, virtual-first practice model.
CPA Services Available in Illinois (IL)
IL Individual Tax Preparation
Comprehensive federal and Illinois state tax return preparation, including complex returns with investments, rental properties, and self-employment income.
Learn More →IL Business Tax Services
Tax preparation and planning for Illinois-based businesses including S-Corps, C-Corps, partnerships, LLCs, and sole proprietorships.
Learn More →IL Cryptocurrency Tax
Specialized crypto tax services for Illinois investors and traders. DeFi, NFTs, staking rewards, and exchange reporting handled with expertise.
Learn More →IL Trader Tax Services
Mark-to-market elections, wash sale tracking, and tax optimization strategies for active traders in Illinois.
Learn More →IL IRS Resolution
Professional representation before the IRS for Illinois taxpayers facing audits, collections, liens, levies, or offers in compromise.
Learn More →IL 83(b) Elections
Equity compensation planning and 83(b) election filing for Illinois startup employees and founders receiving restricted stock.
Learn More →IL Financial Statement Audits
Full-scope GAAS-compliant financial statement audits for businesses, nonprofits, and organizations requiring independent assurance.
Learn More →IL Review Engagements
Limited assurance engagements providing meaningful confidence in financial statements for lender requirements and stakeholder reporting.
Learn More →IL Compilations
Professionally prepared financial statements from management-provided data for internal reporting, small business needs, and bank presentations.
Learn More →IL Agreed-Upon Procedures
Targeted, customized engagements designed to address specific areas of concern with flexible scope tailored to stakeholder needs.
Learn More →IL Employee Benefit Plan Audits
DOL-compliant audits for 401(k), pension, and employee benefit plans meeting ERISA filing requirements and fiduciary obligations.
Learn More →IL Tax Strategy & Advisory
Proactive, year-round tax planning that identifies savings opportunities. Entity structure optimization, multi-state planning, and strategic initiatives.
Learn More →IL Cost Segregation Studies
Engineering-based analysis to accelerate depreciation deductions on commercial and residential rental properties, maximizing cash flow.
Learn More →IL Virtual CFO Services
Fractional CFO capabilities including financial modeling, cash flow management, KPI dashboards, and strategic financial leadership.
Learn More →IL Business Consulting
Operational assessments, process improvement, internal control design, and strategic planning to drive efficiency and profitability.
Learn More →IL Estate & Succession Planning
Comprehensive estate planning, business succession strategies, and wealth transfer optimization for business owners and high-net-worth individuals.
Learn More →IL Capital Markets Advisory
Securities compliance, FINRA regulatory guidance, and capital markets advisory for businesses navigating public offerings, private placements, and broker-dealer requirements.
Learn More →Illinois Audit Services in Detail
Illinois businesses, nonprofits, and benefit plan sponsors typically need an independent audit when state law, federal rules, lenders, grantmakers, or boards require external assurance. We perform GAAS-compliant attest engagements scoped to the specific assurance need — most commonly:
Illinois Nonprofit Audits (Charitable Trust Act)
Under Illinois's Charitable Trust Act and Solicitation for Charity Act (administered by the Illinois Attorney General), charities are generally required to submit audited financial statements when annual gross contributions exceed $300,000, and reviewed financial statements when contributions are between $25,000 and $300,000. Audited statements are also routinely expected by the MacArthur Foundation, the Joyce Foundation, the Crown Family Philanthropies, the Chicago Community Trust, the United Way of Metropolitan Chicago, and major Chicago corporate foundations.
Illinois 401(k) & Employee Benefit Plan Audits
Illinois plan sponsors filing Form 5500 generally require an ERISA-compliant audit when the plan has 100 or more participants with account balances at the start of the plan year — the participant-counting rule effective post-SECURE 2.0. We perform full-scope and §103(a)(3)(C) limited-scope benefit plan audits for 401(k), 403(b), and defined-benefit plans across Illinois, including plans sponsored by Chicago financial services firms (CME Group, Citadel, Discover, Northern Trust), healthcare systems (Northwestern Medicine, Rush, Advocate Aurora, University of Chicago Medicine), insurance (Allstate, Northwestern Mutual), manufacturing and logistics (Caterpillar, BNSF, ADM), and Loop and West Loop tech companies.
Illinois Single Audits (Uniform Guidance)
Illinois nonprofits, municipalities, school districts (CPS and beyond), and pass-through subrecipients that expend $1,000,000 or more in federal awards in a fiscal year (the OMB threshold for fiscal years beginning on or after October 1, 2024) are subject to the Single Audit requirements of 2 CFR Part 200. We perform Uniform Guidance Single Audits, including major-program testing, internal control work, and preparation of the Schedule of Expenditures of Federal Awards (SEFA).
Illinois Lender, Bonding & Investor Audits
Illinois banks, surety companies, and Chicago-area private equity, venture, and growth investors frequently require audited financial statements as a condition of credit facilities, surety capacity, or capital raises. We deliver audited financials on the timeline lenders, bonding agents, and institutional investors need.
Illinois Reviews & Compilations
Where a full audit is not required, we deliver review engagements (limited assurance) and compilations (no assurance) — both routinely accepted by Illinois lenders for smaller credit facilities, by acquirers in IL M&A diligence, and by stakeholders requiring CPA-prepared financial statements.
Illinois (IL) Tax & Business Landscape
Key Illinois Tax Numbers. Personal income tax: 4.95% flat — constitutionally enshrined as a flat tax (voters rejected a progressive "Fair Tax" amendment in 2020). Corporate income tax: 7%, plus a 2.5% Personal Property Replacement Tax on C-corporations — combined effective rate 9.5%. Personal Property Replacement Tax (PPRT): 1.5% on partnerships, S-corps, and trusts (separate from owner-level individual income tax; sole proprietors do not pay it). Sales and use tax: 6.25% state plus local; Chicago combined approximately 10.25% — among the highest in the nation. Estate tax: applies above $4,000,000 with rates up to 16% — a much lower threshold than the federal exemption, NOT indexed for inflation. Pass-through entity (PTE) elective tax: 4.95% available since tax years ending on or after December 31, 2021.
Filing Mechanics. Individuals (residents and nonresidents) file Form IL-1040 (with Schedule NR for nonresidents and part-year residents). C-corporations file Form IL-1120. Partnerships file IL-1065; S-corps file IL-1120-ST. Replacement Tax is computed on Schedule B of the entity return. PTE election is made annually on IL-1065 or IL-1120-ST. Returns are due April 15 and administered by the Illinois Department of Revenue.
Cook County Property Tax & Illinois Outmigration. Cook County's property tax system is notoriously complex, with assessments, appeals, and effective rates that vary materially across Chicago, the North Shore, the Western Suburbs, and South Cook townships. Property tax in Chicago and Cook County is often the largest state/local cost for homeowners and a major component of business operating cost. Combined with the $4M Illinois estate tax cliff, this drives meaningful outmigration to Florida, Texas, and Tennessee. We coordinate with property tax appeal specialists and incorporate property tax into Illinois exit/relocation analysis.
Illinois Economy & Who We Serve. Illinois is a diversified economy anchored by financial services and derivatives trading (CME Group, Citadel, Northern Trust, Discover, BMO Harris), insurance (Allstate, Northwestern Mutual), manufacturing (Caterpillar, Boeing, John Deere supply chain), agriculture (the world's largest agricultural commodities flow through Chicago), transportation and logistics (BNSF, Union Pacific, O'Hare, the Port of Chicago), healthcare (Northwestern Medicine, Rush, University of Chicago Medicine), higher education (U of Chicago, Northwestern, U of Illinois), and a growing Loop/West Loop tech and startup community. Our typical IL clients include Chicago financial services and active trader professionals, business owners, real estate investors, executives with complex equity compensation, and high-net-worth families navigating Illinois exit planning around the $4M estate tax cliff.
CPA Mobility in Illinois. Illinois has adopted CPA mobility provisions under the Uniform Accountancy Act, allowing CPAs in active good standing in another U.S. jurisdiction to provide tax, advisory, and (subject to applicable firm-level requirements) attest services to Illinois clients without obtaining a separate Illinois individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm all applicable Illinois Department of Financial and Professional Regulation mobility and firm registration requirements before commencing any engagement.
Cities and Communities We Serve. Our virtual-first practice serves clients across all of Illinois, including Chicago (largest city; finance, healthcare, manufacturing, tech), the Cook County suburbs (North Shore — Evanston, Wilmette, Winnetka, Highland Park; West — Oak Park, La Grange, Hinsdale; South — Orland Park, Tinley Park), Naperville, Aurora, Joliet, Rockford, Elgin, Springfield (state capital), Peoria, Champaign-Urbana, Bloomington-Normal, the Quad Cities, and every Illinois county.
Why Illinois Clients Choose Us
- GAAS-compliant audit, review, and compilation experience for nonprofits, benefit plans, and privately held businesses
- Deep expertise in IL-specific issues: Personal Property Replacement Tax, IL PTE elections, the Illinois $4M estate tax cliff and exit planning, Cook County property tax navigation, and Chicago active-trader tax (CME, derivatives) including PA-style class-of-income considerations
- Capital markets background — Kurt Simmons has passed the Series 65 examination (Passed; not currently held as an active license) in addition to holding the CPA
- Specialized practices in cryptocurrency taxation, active trader tax (mark-to-market, wash sales), and 83(b) elections for IL tech/startup employees
- Technology-forward, virtual-first delivery — secure client portal, e-signature, and video consultations
- Transparent, fixed-fee engagements where possible — no surprise hourly invoices
Illinois CPA — Frequently Asked Questions
Do I need an Illinois-licensed CPA, or can an out-of-state CPA handle my IL tax and audit work?
Illinois has adopted CPA mobility provisions under the Uniform Accountancy Act. A CPA in active good standing in another U.S. jurisdiction is generally authorized to provide tax, advisory, and attest services to Illinois clients without holding a separate Illinois individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm any applicable firm-level Illinois Department of Financial and Professional Regulation registration before commencing attest engagements.
What is Illinois's income tax rate, and when is the IL return due?
Illinois has a flat 4.95% personal income tax — constitutionally enshrined as a flat tax (voters rejected a progressive "Fair Tax" amendment in 2020). Combined with the 1.5% Personal Property Replacement Tax on partnerships and S-corps (separate from owner-level individual income tax), and the 9.5% combined rate on C-corporations, Illinois has one of the highest combined entity-level burdens in the Midwest. Form IL-1040 is due April 15.
Does Illinois have a SALT-cap workaround for partnerships and S-corps?
Yes. Illinois enacted an elective Pass-through Entity Tax (PTE) effective for tax years ending on or after December 31, 2021. Eligible S-corps and partnerships pay 4.95% at the entity level on net income, and members receive a corresponding credit on Form IL-1040. The election is made annually on Form IL-1065 or IL-1120-ST.
What is the Illinois Personal Property Replacement Tax?
Illinois imposes a Personal Property Replacement Tax (PPRT) on entities — separate from individual income tax and separate from corporate income tax. The rate is 2.5% for C-corporations (combined 9.5% effective rate with the 7% income tax) and 1.5% for partnerships, S-corps, and trusts. Sole proprietors don't pay it. Many out-of-state operators are surprised to discover they owe Illinois PPRT in addition to (or instead of) Illinois income tax.
Does Illinois really have a $4 million estate tax threshold?
Yes. Illinois has its own estate tax with a $4,000,000 exemption — far below the federal $13.6M+ exemption. The IL estate tax is graduated up to 16%. Critically, the $4M threshold is NOT indexed for inflation, so more estates fall within the IL estate tax over time. State estate planning is essential for IL residents with assets approaching $4M, including consideration of Illinois exit planning to no-estate-tax states like Florida.
When does my Illinois nonprofit need an audit?
Under Illinois's Charitable Trust Act and Solicitation for Charity Act (administered by the Illinois Attorney General), charities are generally required to submit audited financial statements when annual gross contributions exceed $300,000, and reviewed financial statements when contributions are between $25,000 and $300,000. Federal Single Audit requirements under 2 CFR Part 200 apply separately when federal award expenditures exceed $1,000,000 in a fiscal year.
Do you serve Illinois clients outside Chicago?
Yes. Our practice is virtual-first, so we serve clients across all of Illinois — including Naperville, Aurora, Joliet, Rockford, Elgin, Springfield (state capital), Peoria, Champaign-Urbana, Bloomington-Normal, the Cook County suburbs (North Shore, Western Suburbs, South Cook), and every Illinois county — with the same level of access and service.