MCK CPAs & Advisors

HB1197 has been signed by the Governor Pritzker. It is effective January 1, 2024 and reverts back effective January 1, 2029.

This bill raises the state’s audit threshold for charitable organizations (501c3’s) from $300,000 to $500,000 of “contributions”.

It also creates a new level of reporting obligation. Those with contributions in excess of $300,000 but under $500,000 will be required to submit financial statements that have been either reviewed or audited.

This is good news for many smaller nonprofits. Do you agree? Is it enough? We'd love to hear your thoughts!

DOL page - COVID-19 and the American Workplace - Includes good resources regarding payroll, sick leave and FMLA guidelines.

COVID-19 and the American Workplace | U.S. Department of Labor The .gov means it’s official. Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.

State of Illinois Emergency Small Business Grants and Loans Assistance

Emergency Small Business Grants and Loans Assistance - Small Business Assistance View up to date information on how Illinois is handling the Coronavirus Disease 2019 (COVID-19) from the State of Illinois Coronavirus Response Site