Nonprofit Organization Killers No. 1: Loss of Federal Income Tax Exemption

Corporate or trust income tax at the highest rate (21% for corporations, 35% for trusts, in 2019)[i] applies if a nonprofit entity fails to qualify, engages in prohibited transactions, or stops operations that are exempt from taxation.[ii] 378 entity 501(c)(3) exemptions are listed by the IRS as having been revoked through formal hearings since 2005,…

Filings Required To Close Out An Illinois Business Entity

Just posted on Slideshare a detailed checklist of business actions, federal and state income and UI and sales tax forms to file, and entity-specific forms to file with the Business Services Division of the Secretary of State in order to close out an Illinois business entity. For details, see