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...

  April 15 has come and gone, and you didn’t file your taxes. Maybe life got busy, or maybe you were waiting on one last form. Whatever the reason, if you missed the tax deadline — don’t panic. You're not alone, and there are still steps you can take to minimize penalties and get back on track with the IRS. Step 1: File As Soon As Possible The longer you wait to file, the more potential penalties and interest can accumulate. If you owe taxes and haven’t filed, you may face two separate penalties: Failure-to-file penalty : Typically 5% of the unpaid taxes for each month (or part of a month) your return is late, up to 25%. Failure-to-pay penalty : Usually 0.5% of the unpaid taxes for each month, also up to 25%. Filing your return — even if you can’t pay right away — helps reduce the total penalty. So the sooner you file, the better. Step 2: Pay What You Can If you can’t pay your full tax bill, pay as much as you can when you file. The IRS will charge interest on any remaining ...

  As April 15 quickly approaches, many individuals and small business owners find themselves scrambling to get their taxes in order. Whether you're filing on time or need to request an extension, there's still time to make smart financial decisions. Here are some practical last-minute tax tips to help you stay ahead of the deadline and avoid costly penalties. 1. File or Extend — Don’t Ignore the Deadline The worst thing you can do is do nothing. If you're not ready to file your tax return by April 15, make sure to file an extension. This gives you until October 15 to submit your return, but remember: an extension to file is not an extension to pay. You still need to estimate and pay any taxes owed by April 15 to avoid interest and penalties. You can file for an extension online using IRS Form 4868 or through most tax software platforms. If you need help with this, please contact our office at info@jswhitecpas.com or 630-519-4427. 2. Double-Check Common Deductions Ev...