Your Non-Profit Deadlines are Approaching
Federal Tax Filings
It’s time to contact your accountant to be sure your federal tax return is filed properly and on time. Most Non Profit Tax Returns are due by May 15th. If your gross income is $50,000 or less you can file a very simple electronic postcard tax return. If your organization fails to file for 3 consecutive tax years then the IRS will revoke your tax exempt status. Please consult an accountant for other potential state tax filings such as if you have employees, state tax filings, if your gross income is over $50,000 or for other tax questions.
Attorney General Filings
Each year you must file an annual report with the Illinois Attorney General which is due no later than June 30th for the previous tax year.You may request a 60 day extension but it must be received no later than June 30th. The annual report fee is $15 and there will be a late fee of $100 assessed if you file late. If you are a church or religious organization and filed for exemption then you will not need to file the annual report.
Illinois E Number
Have you been in business over year? If so, have you filed for your Illinois E Number? You can apply for an Illinois sales tax exempt number (E Number) once you have at least one year of financial history for the organization.This will allow you to purchase items for your organization without having to pay sales tax on those items.