Effective January 1, 2019, Illinois has amended the Wage Payment and Collection Act to require all Illinois employers to reimburse their employees for expenses incurred while performing their jobs. For an employee to qualify for reimbursement, the following must apply: The employer must … [Read more...]
Changes and Additions to 2018 Form 990 and Instructions
The IRS has made some changes and additions to the form 990 to reflect changes made under the Tax Cut and Jobs Act passed in December 2017. Here is a summary of changes you need to know about: Excise tax on Executive compensation, part V. New section 4960 imposes an excise tax on an … [Read more...]
What Are Non-Profit Board of Directors Term Limits In Chicago, IL?
The best way to answer this question is to ask another one: what does it say in the bylaws? If your Chicago nonprofit’s bylaws were drafted without term limits for board members, they can, theoretically, serve on the nonprofit board of directors for life. Voting to remove them, “firing” them, or … [Read more...]
IRS Issues 2018-2019 Work Plan
The IRS has issued its 2018-2019 priority guidance plan. This is the list of projects to which is will give priority, assuming the shutdown ends within a reasonable time. These all relate … [Read more...]
In Chicago, IL, Do Nonprofit Board Members get paid?
The short answer is: it depends. Generally, the question of payment is spelled out in the nonprofit’s bylaws by the individuals who form the organization. Nonprofit organizations are formed to help serve the public good. Any profits the organization makes go back into the coffers to continue … [Read more...]