Planning your final affairs is never an enjoyable activity. Most people really don’t want to think about what they need to deal with when they pass away. Is this you? Think about is not only what will happen to you, but what will happen to your spouse, children, and any relatives or friends who … [Read more...] about Poor Estate Planning Affects Your Heirs in Chicago
If asked, your tax-exempt organizations must provide same-day access to your application for tax exempt status as well as tax returns for the previous three fiscal years. This is a requirement under Internal Revenue code section 6104. All tax-exempt organizations under section 501(c) or 501(d) are … [Read more...] about Illinois nonprofits must provide applications and returns if asked!
The IRS has issued a number of recent announcements about its activities. Here are the important items you need to know: Form 1024-A. The IRS has announced that form 1024-A, application for section 501(c)(4) tax exempt status can now be filed online only. Form 4720. The IRS is working on a … [Read more...] about Recent IRS Announcements of Interest to Illinois Nonprofits
It’s important for a nonprofit to instill confidence in the people who donate as well as the people they serve. Allowing attendance at board and other meetings is a good way to accomplish this goal. Illinois, like every US state, has “open meeting” laws that apply to governmental bodies. Nonprofits … [Read more...] about Do “Open Meeting” Laws Apply To Illinois Nonprofit Organizations?
A new president brings plenty of new ideas, plans, and potential changes to existing laws that govern nearly every aspect of everyday life. While many things are said during campaigns, it’s what they do after Inauguration Day that actually counts. One rule of thumb is that when a candidate tells … [Read more...] about Review Illinois Estate Plans When New Presidents Take Office.