It may sound backward that a nonprofit that’s tax-exempt would have to file a tax return. But like for-profit companies, nonprofits are also required to file yearly reports. Form 990 is the IRS form available to use in filing. The IRS requires nonprofits to report every year things like: • … [Read more...] about Form 990 And Nonprofits
Politics and political activity are sticky and difficult subjects for nonprofits, particularly in recent years. Even a hint of political activity is enough to raise a lot of blood pressure for both sides. It’s difficult to avoid, because politics is everywhere, and it directly affects everyone no … [Read more...] about Pitfalls of Political Activity for Nonprofits
Nonprofits work to provide services that a community needs that aren’t available elsewhere. Many nonprofits are started on a shoestring with a small budget. But one thing that any nonprofit should not neglect is legal representation. It’s a good idea to make an appointment with a nonprofit … [Read more...] about Consult An Experienced Nonprofit Attorney Before You Get Started
Nonprofits can enjoy a range of benefits through their tax exemption. Organizations such as public safety, religious, scientific, and those dedicated to the prevention of cruelty to both humans and animals can enjoy tax exemption. Donations can be tax-free for supporters who provide … [Read more...] about Requirements To Maintain A 501(C)(3) Tax Exempt Status In Chicago, IL?
Not for profit organizations on a calendar year must file their form 990 no later than May 17 unless you ask for an extension. This is true regardless of which form 990 you file. There are 3 different forms 990 depending on your gross revenue and assets. Do not let it slip by! If you need an … [Read more...] about Filing Deadlines are Approaching for Illinois Nonprofits