When starting up a nonprofit, and getting your federal and state tax-exempt status, you may imagine that the only profits you're able to receive include donations, grants, fundraising, and more. However, this isn't always the case. Many nonprofits right here in Illinois gain income unrelated to … [Read more...] about Unrelated Business Income Tax (UBIT) Issues for Chicago IL Nonprofits
Chicago Nonprofit Attorney Are All Donations “Tax Deductible”? Donations often serve as a circulatory system of an Illinois nonprofit. Without the charity of good-hearted people, many nonprofits would struggle to continue their activities and their mission. As such, to encourage increased … [Read more...] about Are All Donations “Tax Deductible”?
For nonprofits in Illinois, maintaining that "nonprofit" and, therefore, tax-exempt status is the lifeblood of the organization. Without the benefits that the IRS and the Illinois state provides to nonprofits, it would be astronomically difficult to serve your organization's mission and purpose. … [Read more...] about Could Your Organization Lose Its Nonprofit Status?
Tax exemptions, including both federal and Illinois State tax exemptions, form the cornerstone of nonprofit activity in our state. In fact, to promote greater and more robust charitable work throughout Illinois, the Attorney General encourages wise charitable giving while protecting nonprofit’s … [Read more...] about How a Nonprofit Can Lose Its Tax-Exempt Status