Starting a nonprofit requires a wide range of legal and managerial tasks before it can open its doors for business. From the inception of an idea through opening day, a nonprofit must: Lawyer working with documents. Justice and law, attorney, concept. Man signing contract papers Choose an … [Read more...]
Getting Help Filing Form 990 For Your Chicago Nonprofit
Form 990 is the IRS form that nonprofits are required to fill out every year in order to file their tax returns. Formally known as IRS Form 990-T, the state of Illinois also has form IL-99-T for filing state income tax returns. Even if a Chicago nonprofit organization is exempt from taxes, it still … [Read more...]
The Illinois Charitable Trust Act Explained
Illinois’ Charitable Trust Act (Section 480.20) lays out the framework for the operations of charities in the state. The Charitable Trusts Bureau of the Attorney General's Chicago Office maintains the register of charitable trusts that have been registered with the state. Under the Illinois … [Read more...]
Illinois Expense Reimbursement Act applies to all employers
Effective January 1, 2019, Illinois has amended the Wage Payment and Collection Act to require all Illinois employers to reimburse their employees for expenses incurred while performing their jobs. For an employee to qualify for reimbursement, the following must apply: The employer must … [Read more...]
Changes and Additions to 2018 Form 990 and Instructions
The IRS has made some changes and additions to the form 990 to reflect changes made under the Tax Cut and Jobs Act passed in December 2017. Here is a summary of changes you need to know about: Excise tax on Executive compensation, part V. New section 4960 imposes an excise tax on an … [Read more...]