Determining whether your organization qualifies for federal income tax exemption can be complex. Section 501(a) of the Internal Revenue Code outlines general tax-exempt eligibility, while Section 501(c)(3) addresses charitable status and private foundation rules. Understanding the distinction is essential before applying for exemption.
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Before hiring employees, opening business bank accounts, or filing certain tax returns, you may need an Employer Identification Number (EIN). Understanding when it’s required can help you avoid costly compliance issues.
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Small-business owners should recognize this sometimes-overlooked fact: Success often relies less on acquiring new funding and more on wisely utilizing existing resources. In other words, growth for its own sake isn't always good business. By monitoring expenses, reevaluating pricing, and analyzing which products or services truly deliver value, you can grow your small business strategically.
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Running a nonprofit is hard work. It also can be rewarding. So it is important to understand the benefits, such as tax-exempt status, when you’re preparing to launch a community, charity, or nonprofit organization. Establishing a tax-exempt nonprofit isn’t easy, and you may be wondering how aspects of these tax rules apply to your nonprofit. A lot of moving parts need to be handled, and they are best handled by professionals.
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Due diligence is an investigation, audit, or review performed to confirm the accuracy of financial records and appraise value. When combined with outsourced accounting services, due diligence becomes an ongoing strategic advantage rather than a one-time event.
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We at Siepert & Co., LLC are excited to share that our Beloit, WI and Roscoe, IL office locations are merging and relocating to 1511 N Blackhawk Blvd. Rockton, IL 61072 in the Fall of 2025!
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As part of the Anti-Money Laundering Act of 2020 and the Corporate Transparency Act (CTA), the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) was authorized to collect Beneficial Ownership Information (BOI) and establish Beneficial Ownership Information reporting requirements for certain corporations, limited liability companies, and similar entities created in or registered to do business in the U.S.
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The Illinois Secure Choice Savings Program is a state-mandated retirement savings program that offers Illinois businesses the option to either enroll their employees into the Secure Choice Plan or offer a qualified retirement savings plan, such as a 401(k).
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If your company has delivery drivers who are paid as independent contractors, you may be putting your business at risk. The misclassification of employees as independent contractors has become a focus of enforcement efforts by both the Department of Labor (DOL) and the Internal Revenue Service (IRS).
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If you’ve been following the news, you’ve likely heard that Illinois has outstanding federal unemployment trust fund loans. If Illinois does not repay the loans by the deadline, Illinois employers may be subject to an Illinois FUTA credit reduction.
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