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or stops operations that are exempt from taxation.[ii] 378 entity 501(c)(3) exemptions are listed by the IRS as having been revoked through formal hearings since 2005,…

Top Ten Church, Charity, and School Illinois Property Tax Exemption Mistakes

Top Ten Church, Charity, and School Illinois Property Tax Exemption Mistakes By: William A. Price, www.growthlaw.com Don’t apply for property tax relief before you get your federal exemption letter. You have the burden of proof of exemption, and though the IRS “Good Housekeeping Seal Of Approval” is not enough to prove state qualification, it is…