Many people include gifts to charities in their wills and trusts. The most common way of accomplishing this is by naming a specific charity as a beneficiary. A donor advised fund (DAF) has also become a popular way of giving to charity that could be beneficial for your estate plan and your … [Read more...] about Using A Donor Advised Fund to Give To Charity
President Biden's administration has given us the first look at tax proposals for the fiscal year 2022 budget. There are quite a few changes listed and most of them as you might expect are increases targeted to high-income taxpayers. Here is a summary of some provisions that may affect … [Read more...] about The Administration’s Tax Proposals for the Next Fiscal Year
Not for profit organizations on a calendar year must file their form 990 no later than May 17 unless you ask for an extension. This is true regardless of which form 990 you file. There are 3 different forms 990 depending on your gross revenue and assets. Do not let it slip by! If you need an … [Read more...] about Filing Deadlines are Approaching for Illinois Nonprofits
If you have children or plan to have children in the future, you are aware that costs of education are expensive and continue to increase. Many people save for higher educational expenses by utilizing a custodial account or even a trust. Another great option for saving for your child or … [Read more...] about 529 PLANS AND WHAT YOU SHOULD KNOW
If asked, your tax-exempt organizations must provide same-day access to your application for tax exempt status as well as tax returns for the previous three fiscal years. This is a requirement under Internal Revenue code section 6104. All tax-exempt organizations under section 501(c) or 501(d) are … [Read more...] about Illinois nonprofits must provide applications and returns if asked!