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
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...] about Getting Help Filing Form 990 For Your Chicago Nonprofit
Much like a for-profit corporation, a nonprofit corporation will also have a board of directors as a matter of course when starting. The board is the governing body of the nonprofit that is responsible for managing and running the organization’s activities. These members are generally not employees … [Read more...] about In Chicago, IL What Are The Responsibilities Of A Non-Profit Board Of Directors?
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?