Elgin Illinois Form 990 (Schedule M) 2024-2025

Elgin Illinois Form 990 (Schedule M): What You Should Know

Organization is a nonprofit 501 (c)(4) organization. Organization is a member of a state or local library that maintains a library facility. Operating expenses of 15,000 or less. Nonprofit organization organized under section 501(c)(4), such as one whose activities are exempt from federal income taxation for one of the following: 1. The organization has no net income and no expenses. 2. The organization has no net income and incurred expenses of 15,000 or less. 3. The organization's annual gross receipts are less than 6,000. Organization, its officers, directors and owners are all current U.S. residents in good standing who have established residence within the state or the District of Columbia at the time the organization was organized. Income tax due on taxable income is exempt from state and local taxes. If you receive the entire amount shown on Schedule B-3 of Form 990-T in a prior quarterly or annual filing, you do not have to remit the balance if: The schedule shows the gross income on which Federal taxes are withheld from the entire amount of the payment, and The schedule shows the number of payments made this quarter, and The schedule shows the total number of payments made this year. If the total amount shown on the form does not include all the income shown on the schedule, you must include the entire amount, either by filing a copy of the Schedule B-3 with the return, or by including the amounts on Schedule M. Income Tax Information and Forms — ELGIN How to get EIN: Please download the IRS Application for EIN and File in the EIN Section. What is the definition of a Nonprofit organization? The definition of a nonprofit organization is: an organization that is not a for-profit corporation and that is organized in a state, county or city for exempt religious, charitable or educational purposes. It does not include any of the following: (1) A professional, fraternal, social, fraternal, educational, or fraternal organization, club or society; any other organization that does not meet the requirements of (a). (b) This definition does not apply to: (2) An entity other than a 501(c)(3) nonprofit organization that is organized, operated, managed or controlled by one or more individuals.

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