There are laws governing Chicago businesses including state, local and federal laws. Compliance with the different laws is important for businesses of all sizes. Besides the basic legalities, disputes and litigations may arise. These require legal expertise to help avoid serious consequences. A … [Read more...]
Want To Change Your Business Structure? Know These Things First
Starting a nonprofit isn’t something you just do one day—it’s a complex administrative process that allows you to begin operating and fulfilling your mission. Every nonprofit is different, and any changes will have to be made carefully and with counsel to make sure the organization is compliant with … [Read more...]
What are Some Examples of Unrelated Business Income?
Many people assume that all non-profit organizations operate in a federal tax-free environment. After all, that is the entire point of section 501(c)(3) of the Internal Revenue Code. But, it isn’t always the case that all money made by non-profits is tax-free; so that they can raise additional … [Read more...]
Independent Contractor Status Still a Hot Issue with IRS
The IRS continues to focus on whether workers are properly classified as employees or independent contractors. Too many organizations, both for profit and not for profit, try to classify workers as independent contractors. Here are some common misconceptions. Part time means … [Read more...]
IRS Issues Its 2018 Work Plan
The IRS has issued its work plan for 2018, which outlines the issues they will focus on. Here is a summary of important points: Compliance Strategies: Focus on for-profit entities: they will look closely at organizations that operated as for-profit organizations before converting to a … [Read more...]