It happens. Between managing your business, life, and everything in between, deadlines can slip through the cracks. If you own an LLC in Illinois and you’ve missed a filing or tax deadline, don’t panic—but don’t ignore it either. Here’s what you need to know and what steps to take next.
1. Identify What You Missed
First, pinpoint exactly what deadline you missed. Was it your:
- Annual Report with the Illinois Secretary of State?
- State or federal tax return for your LLC?
- Estimated tax payment?
- 1099 filings for contractors?
Each has different consequences and different ways to fix it.
2. Missed the Illinois Annual Report?
If you didn’t file your Annual Report with the Illinois Secretary of State, your LLC could be marked as “Not in Good Standing” or even face administrative dissolution after a certain period. Here’s what to do:
- File your Annual Report as soon as possible through the Illinois Secretary of State website.
- Pay the $75 filing fee, plus any late fees (typically $100 if you’re past due).
- Check your status afterward to confirm it’s back in good standing.
3. Missed an LLC Tax Deadline?
Depending on how your LLC is taxed—sole proprietorship, partnership, S Corp, or C Corp—different tax deadlines apply. If you missed a federal or state return deadline:
- File ASAP. The longer you wait, the more penalties and interest accrue.
- You can file a late return and still avoid excessive penalties if you act quickly.
- If you’re due a refund, good news: there’s typically no penalty for filing late (but you still need to file!).
4. Penalties and Interest
Late filings and payments often result in penalties and interest, both at the federal and state levels. The sooner you file, the smaller the damage.
- The IRS charges failure-to-file and failure-to-pay penalties.
- The Illinois Department of Revenue may also tack on interest and penalties for late payments or returns.
5. Consider Filing for Penalty Relief
If this was a one-time slip-up and you have a good history of compliance, you may qualify for First-Time Penalty Abatement from the IRS. In some cases, you can also write a letter requesting penalty abatement from the state.
6. Avoid Future Misses
Once you’re caught up, put systems in place to avoid this in the future:
- Use a tax professional or accountant who tracks deadlines for you.
- Set calendar reminders for annual reports and estimated payments.
- Consider enrolling in reminder services from the Secretary of State or your tax software.
7. Call Blue Ocean Tax Advisors
Missing a deadline doesn’t have to spiral into a major issue, but it’s important to address it quickly and correctly. We specialize in helping small business owners and LLCs in Illinois get back on track, file late returns, clean up penalties, and stay compliant year-round.
Need help? Let’s fix it the right way, right now.