Form Instructions 990 Illinois Cook 2023-2025

Form Instructions 990 Illinois Cook: What You Should Know

B. If the organization's annual net unrelated business taxable income is 50,001 to 100,000, file this item with IRS. c. If the annual net unrelated business taxable income is over 100,001 to 150,000, file this item with IRS. • Step 2, Line H Taxable business income under “Other Business” item 6 (paragraph 4). a. This income is included in net unrelated business taxable income under Item 7, Line 6, and paragraph 4a of “Other Business” section of Form 990-T, Part I. b. A. An organization may include any gain from a personal service contract, provided that the payment of wages to a personal service contractor does not constitute gross income for purposes of tax withholding. These payments must be made from a qualified escrow account. B. If the payments are required to be made from a qualified escrow account — including any interest earned on the funds — the organization must include any accrued interest plus the following amounts: 1. The gross income from the personal service contract; 2. An amount equal to 1 1/4 of the payment of principal or interest; Note: An organization will not use Form 990-T as documentation of a qualified escrow account. If an organization provides a qualified escrow account for a personal services contract, a written contract must be entered into between the personal service contractor and the organization. This contract must identify the personal services contract and provide for all necessary details. If an organization provides escrow services and makes payments directly to the personal service contractors, it must disclose the payments to taxpayers on the escrow account. An organization may not issue an administrative advance to a qualified escrow account for personal services contracts. This is an illegal practice and the amounts will be reported to the IRS. C. A personal service contractor may receive payments from more than one organization under this paragraph, provided that no payments may disburse or be paid from more than one organization. A personal service contract may include a clause that states the funds will be allocated with a view to ensuring sufficient compensation is received for services.

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