One of the central goals of an estate plan is to maintain and protect the wealth that you've accumulated throughout your life. However, if your wealth is higher than the estate tax threshold in Illinois, then you may have to pay a fairly significant inheritance tax (or estate tax) after your die. … [Read more...] about What Is An Inheritance Tax And How Can I Minimize It In My Estate Plan?
Unrelated Business Income Taxes (UBIT) are for the taxes assessed on profits derived from non-exempt activities. In most cases, UBIT refers to income and profits that a nonprofit generates from its activities. The most common example is the museum gift shop, which works like a for-profit business in … [Read more...] about What is UBIT and How Can You Avoid These Taxes?
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