Your not-for-profit may prefer to avoid activities that subject it to unrelated business income tax (UBIT). But if you accept advertising or sponsorships that aren’t substantially related to your tax-exempt purpose, you may unwittingly expose your organization to UBIT liability. The rules governing these types of support are complicated, so it’s important to have a ... Read More ›
Effective July 1, 2021, certain taxing jurisdictions in Illinois have imposed a local sales tax or changed their local sales tax rate on general merchandise sales.
For more information: Informational Bulletin FY 2021-23
The American Rescue Plan Act of 2021 (ARP) provided temporary premium assistance under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), during the COVID-19 emergency to help eligible individuals continue their health benefits. The premium assistance applies to periods of health coverage on or after April 1, 2021 through September 30, 2021. An employer ... Read More ›