Here is important information on the Payment Protection Act and filing deadlines Updates on the Payment Protection Program for Nonprofits The application form for nonprofits who wish to apply for the Payment Protection Program forgiveable loan is now available online. You can download it at … [Read more...]
IMPORTANT: Clarification on Tax Return Due Dates
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...]
Filing A Tax-Exempt Application For An Illinois Nonprofit?
One of the most common misconceptions is that your nonprofit is automatically tax-exempt. Another is that all nonprofits are, too. Unfortunately, it’s not quite that simple, but there are advantages to getting a tax-exempt number for your organization. Why Seek Out Tax Exemption? Having a … [Read more...]
Illinois Extends Filing Deadlines
Illinois has just announced it has extended the filing deadlines to correspond with the extended federal deadlines that we announced earlier today. It means that all income tax returns normally filed on April 15 and all estimated payments are now due July 15. … [Read more...]
IRS Extends Tax Return and Payment Deadlines
To help taxpayers affected by the Coronavirus pandemic, the IRS has announced that it is extending various filing and payment deadlines to July 15. INCOME TAX RETURNS: This includes individuals, corporations, trusts and estates and nonprofits. This extension includes time to pay … [Read more...]