The Trump administration has issued an executive order directing for the elimination of most paper checks issued by government agencies and by taxpayers for government payments by September 30, 2025. The Executive Order will require the use of electronic deposits for most government benefits s … [Read more...] about Trump directs end to paper government checks
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...] about IMPORTANT: Clarification on Tax Return Due Dates
Americans Grew More Generous In 2014
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
Required Annual Filings for Non-Profits
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
Should you set up a subsidiary for part of your operations?
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?
