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Instructions for IRS Form 990, 990-EZ Schedule L
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Instructions for IRS Form 990, 990-EZ Schedule L Transactions With Interested Persons
This document contains official instructions for IRS Form 990 Schedule L and IRS Form 990-EZ Schedule L . Both forms are released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 990 (990-EZ) Schedule L is available for download through this link.
FAQ
Q: What is IRS Form 990?A: IRS Form 990 is a tax form used by tax-exempt organizations to report their financial information and activities.
Q: What is Schedule L on Form 990-EZ?A: Schedule L is a section on Form 990-EZ that organizations use to report transactions they had with interested persons.
Q: Who are considered interested persons?A: Interested persons include individuals or organizations with a close relationship to the tax-exempt organization, such as officers, directors, and major donors.
Q: What type of transactions are reported on Schedule L?A: Schedule L is used to report transactions such as loans, grants, compensation, and property transactions between the tax-exempt organization and interested persons.
Q: Why is it important to report transactions with interested persons?A: Reporting transactions with interested persons is important to ensure transparency and avoid potential conflicts of interest within the tax-exempt organization.
Q: Are all tax-exempt organizations required to file Schedule L?A: No, only tax-exempt organizations that file Form 990-EZ are required to complete and file Schedule L if they had transactions with interested persons.
Q: What happens if a tax-exempt organization fails to report transactions with interested persons?A: Failure to report transactions with interested persons can result in penalties or loss of tax-exempt status for the organization.
Q: Can Schedule L be filed electronically?A: Yes, tax-exempt organizations have the option to file Form 990-EZ and Schedule L electronically.
Q: Is there a fee to file Form 990-EZ and Schedule L?A: No, there is no fee to file Form 990-EZ and Schedule L for tax-exempt organizations.
Instruction Details:
- This 5-page document is available for download in PDF;
- Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
- Complete, printable, and free.
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