Many people, when planning their estates, run across the above three terms which are often confusing to them, but important to know. They have important differences which you need to understand in order to have an effective estate plan. What is a trustee? If you have a revocable living trust, the … [Read more...]
COVID-19 Changes to IRA Rules Provide Opportunities
Congress has enacted many tax law changes this year affecting qualified plans and IRAs. While the SECURE Act has created more permanent changes, the CARES Act brings some temporary relief to individuals affected by the Covid-19 pandemic. One area that has seen a lot of change recently is required … [Read more...]
The CARES Act Makes Changes to Charitable Giving
The CARES Act has implemented a variety of measures to help individuals and businesses get through these difficult times. The CARES Act also includes provisions designed to encourage courage charitable support and giving. These provisions not only benefit charities, they also benefit those who are … [Read more...]
BEST PRACTICES FOR ELECTRONIC BOARD MEETINGS
Many nonprofit organizations have board meetings on the horizon. With the coronavirus outbreak, you might be wondering how to hold these board meetings. Luckily, Illinois allows for electronic board meetings if your bylaws do not expressly forbid them. If the bylaws specifically forbid electronic … [Read more...]
Nonprofits Have Until July 15 to File Form 990
The Internal Revenue Service announced yesterday that not for profit organizations that have form 990 deadlines between April 15 and July 14 will have until July 15 to file, due to the coronavirus pandemic. Here are the details. The extension is available automatically. You do not need to call … [Read more...]