J.S. White & Associates - Nonprofit Financial Solutions

📄 Why It’s Important to Have an Accurately Prepared Form 990 For nonprofit organizations, Form 990 is more than a tax form —it's a public record of your mission, financial health, and commitment to transparency. Ensuring it is accurately prepared is not just a compliance issue; it’s a key part of responsible nonprofit management. Here’s why accuracy on Form 990 matters: ✅ 1. Stay Compliant—and Keep Your Exemption Form 990 is required by the IRS to maintain your tax-exempt status . Even if no taxes are due, nonprofits must file—and file on time. Errors or omissions can lead to penalties, audits, and in serious cases, revocation of tax-exempt status. 🧾 2. Build Public Trust Form 990s are public documents. Donors, grantmakers, journalists, and watchdog organizations all have access. An accurately prepared return demonstrates that your organization is well-run and transparent—both essential to building and keeping public trust. 💸 3. Protect and Enhance Fundraising Efforts...

  Streamlining Compliance: Illinois Simplifies AG990-IL Extension Process for Nonprofits Effective October 29, 2024, the Illinois Attorney General's office has implemented significant changes to the extension process for the AG990-IL, the annual report required of charitable organizations. These modifications aim to reduce administrative burdens and align state deadlines more closely with federal requirements. Understanding the Previous Extension Framework Under the former system, nonprofits were required to navigate a two-tiered extension process: Initial 60-Day Extension : Organizations had to submit a written request before the original due date, which is six months after the fiscal year-end. Additional 2.5-Month Extension : To align with the federal Form 990 extension, a second request was necessary. This included: A written extension request. A draft AG990-IL form. Financial statements (balance sheet and income statement). A $15 statutory filing fee. A copy...