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...] about Are Royalties Unrelated Business Income for Chicago Nonprofits?
Dissolving a nonprofit can be complex, complicated and emotional. There can be many reasons for the choice to dissolve. It may be the organization fulfilled its mission, or insurmountable challenges making it difficult for the organization to sustain its existence. Perhaps your nonprofit is merging … [Read more...] about What’s Involved With Dissolving a Chicago Nonprofit?