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...]
How to Revise Nonprofit Bylaws in Chicago
All nonprofit corporations should have bylaws in place. Even non profit organizations that are not corporations should choose to have them for several reasons, but especially because they establish guidance and clarity for the decision-makers. Bylaws contain rules that govern how the board of … [Read more...]
Are Royalties Unrelated Business Income for Chicago Nonprofits?
While nonprofit organizations are generally exempt from income tax, they are required to pay taxes at normal corporate rates on their unrelated business income. According to the Internal Revenue Service (IRS), “unrelated business income is income from a trade or business, regularly carried on, that … [Read more...]
Choosing the Best Business Structure for Your Chicago Small Business
Deciding which business structure is best for your organization can depend on several factors, from the number of owners to the industry being served to the business location. Regardless, choosing the right business structure will usually determine how your business is governed and taxed and assign … [Read more...]