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?
The role of nonprofits has always been to generate social change that helps steer us to a better world. While many nonprofits start with compelling goals and a can-do attitude, it’s usually not enough to keep the organization alive. Sure, it takes money, people, and resources to begin a … [Read more...] about Top Reasons Nonprofits Fail In Chicago, IL
The COVID-19 pandemic of 2020 has had a direct impact on nearly everything and everyone. As businesses suspended operations, millions found themselves unemployed with no idea what to do next. Small businesses, including nonprofits, have been impacted the hardest by the mandated closures. … [Read more...] about Can Non-Profits Benefit From The Paycheck Protection Program Of 2020?
One of the most common misconceptions is that your nonprofit is automatically tax-exempt. Another is that all nonprofits are, too. Unfortunately, it’s not quite that simple, but there are advantages to getting a tax-exempt number for your organization. Why Seek Out Tax Exemption? Having a … [Read more...] about Filing A Tax-Exempt Application For An Illinois Nonprofit?
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 First, Congress finally repealed the stupid parking tax, effective retroactively.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...] about Year End Tax Changes for Nonprofits