The IRS has clarified which returns can be filed July 15. Only corporate and individual returns due April 15 can be filed on July 15. If your return is due May 15 or June 15, you need to file for an extension of time. Illinois corporate and individual income tax returns due April 15 can be … [Read more...] about IMPORTANT: Clarification on Tax Return Due Dates
Giving the USA released its annual report on American philanthropy for 2014. Here are some of the highlights: 1. Total giving grew to $358.38 billion. It was up by about 7%. 2. Giving was up from all sources. Individual giving accounted for 72% of the total. 3. Bequests grew by 13.6%. It … [Read more...] about Americans Grew More Generous In 2014
We have found start-up organizations often don’t understand what reports are required annually. When an organization is up and running there are three very important filings required annually to keep the organization in good order with the state and the Internal Revenue Service. The first one … [Read more...] about Required Annual Filings for Non-Profits
We are sometimes asked by a client if they should set up a subsidiary for some part of their operations. A subsidiary is usually necessary for 2 situations: First, the nonprofit is undertaking an activity where it seeks to reduce liability. Second, it wants to avoid the tax consequences of an … [Read more...] about Should you set up a subsidiary for part of your operations?
College of DuPage has been in the news recently for all the wrong reasons. There are accusations that the college and its related foundation have given substantial business to board members without competitive bids and without disclosure under any sort of conflict of interest policy. The result is … [Read more...] about COLLEGE OF DUPAGE: A STUDY OF CONFLICTS OF INTEREST