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!
The IRS has issued a number of recent announcements about its activities. Here are the important items you need to know: Form 1024-A. The IRS has announced that form 1024-A, application for section 501(c)(4) tax exempt status can now be filed online only. Form 4720. The IRS is working on a … [Read more...] about Recent IRS Announcements of Interest to Illinois Nonprofits
As the production and distribution of the recently developed COVID-19 vaccine increases, many people may wonder whether their employer can require them to get the vaccine. The general rule is yes – with some exceptions. GENERAL RULE Under employment law, employers have the right and ability … [Read more...] about CAN AN ILLINOIS EMPLOYER REQUIRE YOU TO GET THE COVID-19 VACCINE?
This year has been unlike any other with a pandemic and with it many new pieces of legislation that affect your income taxes and estate planning. We will give an overview of important items you should consider. We believe that income and estate taxes will go up for many under a Biden … [Read more...] about YEAR END INCOME TAX AND ESTATE PLANNING RECOMMENDATIONS
The Small Business Administration (SBA) has started processing loan forgiveness applications. Almost 96,000 applications have been submitted so far. Should you submit your application now or wait? Here are some things to consider: 1. Deduction for certain expenses: The IRS recently … [Read more...] about Don’t Ask for PPP Loan Forgiveness Just Yet