There were 2 year end tax changes to note, in addition to the Secure Act, which changed retirement plan distributions. First, Congress finally repealed the stupid parking tax, effective retroactively. If you filed a 990-T and paid the tax, you can file for a refund. Second, Congress has … [Read more...]
Gift Substantiation – Part 2
Today’s post will continue the discussion of substantiating various types of gifts. Recordkeeping for non-cash contributions. Recordkeeping for noncash contributions will depend on the value of the contribution. Noncash contribution of $500 or less. The taxpayer must obtain a … [Read more...]
Substantiating Gifts – Part 1
As we do each year about this time, we will discuss various rules about substantiating a donor gift. There is still a surprising amount of litigation about proper documentation. Many organizations are not careful about following the rules, with the result that they have donors who lose their … [Read more...]
Reasons You Could Lose Your Tax Exempt Status
After going through the long process of setting up your nonprofit, including becoming tax-exempt, once you start working, it’s easy to lose sight of the administrative side. But like any business, nonprofit or not, it’s important to keep track of everything, especially important business matters. … [Read more...]
Trusts for Minors in Chicago, IL
While considering beneficiaries for your estate plan, think about one thing—are any of them currently minors? You might be thinking that by the time you pass away, they’ll be past the age of maturity, especially if your children are fairly young. If you’re an elderly grandparent, that may be … [Read more...]