If you haven’t started planning for it yet you need to know that the new threshold for those eligible for overtime takes effect January 1, 2020. The current threshold is $23,660 per year or $455 per week. That amount hasn’t changed since 2004. It includes bonuses but excludes most fringe benefits. … [Read more...]
Does A Nonprofit Need Bylaws In Chicago, IL?
Starting a nonprofit requires a wide range of legal and managerial tasks before it can open its doors for business. From the inception of an idea through opening day, a nonprofit must: Lawyer working with documents. Justice and law, attorney, concept. Man signing contract papers Choose an … [Read more...]
How do “Alternative Business Structures” Operate in Chicago, IL?
So many things in 2019 aren’t done the way they used to be. Phone calls, writing letters, and even cooking are all things we have always done daily, but not the same as we did before. The introduction of everyday technology and the Internet makes everyday tasks faster, easier, and more efficient. … [Read more...]
In Chicago, IL, How Is “Unrelated Business Income” Taxed?
We recently discussed Unrelated Business Income (UBI) that a nonprofit may find itself earning. Although a nonprofit is exempt from federal and state taxes, that doesn’t mean it is entirely free from paying taxes. In the case of Unrelated Business Income, a nonprofit will generally have to pay … [Read more...]
How Is Unrelated Business Income Determined In Chicago, IL?
A nonprofit organization is just that—one that doesn’t produce a profit by general business standards. Any earned “profits” go back into the organization's coffers to pay for general business needs and to continue the work they intend to do for the betterment of the community. But if a nonprofit … [Read more...]