Do you want to make sure that your favorite charity or charities are provided for after you’re gone as well as reduce the tax burden on your estate? Would you like the opportunity to earn revenue from an asset without selling it? There is an answer. The Charitable Trust These are also … [Read more...]
Important Updates and Reminders for Illinois Nonprofits
Here is important information on the Payment Protection Act and filing deadlines Updates on the Payment Protection Program for Nonprofits The application form for nonprofits who wish to apply for the Payment Protection Program forgiveable loan is now available online. You can download it at … [Read more...]
IMPORTANT: Clarification on Tax Return Due Dates
The IRS has clarified which returns can be filed July 15. Only corporate and individual returns due April 15 can be filed on July 15. If your return is due May 15 or June 15, you need to file for an extension of time. Illinois corporate and individual income tax returns due April 15 can be … [Read more...]
Estate Planning and Coronavirus: What You Need To Do
The spread of COVID-19, also known as the Corona Virus, is impacting our everyday lives as we know it. Social distancing, working from home and limited supplies are just some of the side effects of this pandemic. Another problem can arise if an individual has not updated their estate plans, or … [Read more...]
Filing A Tax-Exempt Application For An Illinois Nonprofit?
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...]