What information must be reported on Schedule L (Form 990), Part II?

Schedule L (Form 990), Part II must report information about loans made by the organization, rental income and expenses, and transactions with interested persons. The schedule is divided into three parts: Part I - Loans to officers, directors, trustees, and key employees; Part II - Rentals of property and other income; and Part III - Transactions with interested persons.

When is Form 990, Part VII, Section A required?

Form 990, Part VII, Section A is required if the organization has compensated officers, directors, trustees, or key employees in excess of $125,000 during the tax year. It must also be filed if the organization had transactions with interested persons that exceed certain dollar amount thresholds.

What is the purpose of Schedule L (Form 990)?

The purpose of Schedule L (Form 990) is to report information about loans, rental income and expenses, and transactions with interested persons. This schedule is used by charitable organizations to disclose certain business transactions with interested parties in order to comply with the requirements of section 6034(a)(1) and (2) of the Internal Revenue Code.

What is an 'interested person'?

'Interested person' refers to a director, trustee, officer, employee, or family member of any of the above who has a substantial contributor relationship with the organization. It also includes certain entities in which those persons have an interest and any other person who is a 35% controlled entity of a substantial contributor.

What is Form 990, Part VII, Section A?

Form 990, Part VII, Section A is a section of the Form 990 used by organizations to report information about compensation paid to its officers, directors, trustees, and key employees. It also includes transactions with interested persons, such as loans and rentals of property.

What is 'fair market value'?

'Fair market value' refers to the amount of money that would be agreed upon by willing buyer and seller in an arm's length transaction. It is used as a measure of the worth of property or services provided by interested persons.

What is the purpose of Schedule L (Form 990), Part IV?

The purpose of Schedule L (Form 990), Part IV is to report information about transactions between the organization and certain related organizations. This includes loans, leases, sales or exchanges, and other forms of transaction that may involve a conflict of interest or create a potential for misuse of the organization's resources.

Form 990 Schedule L

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Transactions with Interested Persons

Rev. 2023

Schedule L of IRS Form 990 is a supplement to Form 990 that provides additional information about transactions with interested persons, loans to and/or from interested persons, grants or assistance benefiting interested persons, and business transactions involving interested persons. The form includes various parts that must be completed if the organization answered 'Yes' on certain lines of Form 990, Part IV, or Form 990-EZ, Part V. The form requires information about the name of the organization, Employer Identification Number (EIN), and different sections related to transactions with interested persons, loans, grants, and business transactions.

Instructions

Form 990 Instructions for Schedule L - Instructions for Schedule L (Form 990), Transactions With Interested Persons

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FAQ

What information must be reported on Schedule L (Form 990), Part II?
Schedule L (Form 990), Part II must report information about loans made by the organization, rental income and expenses, and transactions with interested persons. The schedule is divided into three parts: Part I - Loans to officers, directors, trustees, and key employees; Part II - Rentals of property and other income; and Part III - Transactions with interested persons.
When is Form 990, Part VII, Section A required?
Form 990, Part VII, Section A is required if the organization has compensated officers, directors, trustees, or key employees in excess of $125,000 during the tax year. It must also be filed if the organization had transactions with interested persons that exceed certain dollar amount thresholds.
What is the purpose of Schedule L (Form 990)?
The purpose of Schedule L (Form 990) is to report information about loans, rental income and expenses, and transactions with interested persons. This schedule is used by charitable organizations to disclose certain business transactions with interested parties in order to comply with the requirements of section 6034(a)(1) and (2) of the Internal Revenue Code.
What is an 'interested person'?
'Interested person' refers to a director, trustee, officer, employee, or family member of any of the above who has a substantial contributor relationship with the organization. It also includes certain entities in which those persons have an interest and any other person who is a 35% controlled entity of a substantial contributor.
What is Form 990, Part VII, Section A?
Form 990, Part VII, Section A is a section of the Form 990 used by organizations to report information about compensation paid to its officers, directors, trustees, and key employees. It also includes transactions with interested persons, such as loans and rentals of property.
What is 'fair market value'?
'Fair market value' refers to the amount of money that would be agreed upon by willing buyer and seller in an arm's length transaction. It is used as a measure of the worth of property or services provided by interested persons.
What is the purpose of Schedule L (Form 990), Part IV?
The purpose of Schedule L (Form 990), Part IV is to report information about transactions between the organization and certain related organizations. This includes loans, leases, sales or exchanges, and other forms of transaction that may involve a conflict of interest or create a potential for misuse of the organization's resources.

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ABOUT

Internal Revenue Service (IRS) Forms

Form 990 Schedule L is one of the official tax forms used in the United States to report income, claim deductions and credits, calculate tax liability, and fulfill other tax-related obligations. The IRS is the federal agency responsible for administering and enforcing the internal revenue laws in the United States.

Here are some examples of Internal Revenue Service forms:

Form 1040: This is the primary individual income tax return form used by most taxpayers. It is used to report various types of income, claim deductions and credits, calculate tax liability, and determine whether a taxpayer owes additional tax or is entitled to a refund.

Form 1099: There are different variations of Form 1099, such as 1099-MISC, 1099-INT, 1099-DIV, etc. These forms are used to report income received by individuals or businesses from various sources other than employment, such as self-employment income, interest income, dividend income, and rental income.

Form W-2: This form is used by employers to report wages paid to employees and the taxes withheld from their pay. Employees use the information on Form W-2 to complete their individual tax returns.

Form 941: Employers use this form to report employment taxes, including federal income tax withheld, Social Security tax, and Medicare tax, for their employees.

Form 1065: This form is used by partnerships to report their income, deductions, and tax liability. Partnerships themselves do not pay income tax; instead, the partners report their share of partnership income on their individual tax returns.

Form 1120: This is the corporate income tax return form used by C corporations to report their income, deductions, and tax liability.

Form 990: This form is used by tax-exempt organizations, such as nonprofits and charities, to report their financial information, activities, and compliance with tax laws.

Form 8862: This form is used by taxpayers who previously claimed the Earned Income Tax Credit (EITC) but had it disallowed, and now want to claim it again.

These are just a few examples of the numerous IRS forms that exist to fulfill various tax-related obligations. The specific forms required for an individual or business depend on their unique circumstances, income sources, and deductions. It's advisable to consult the official website of the Internal Revenue Service (www.irs.gov) or seek professional tax advice to obtain accurate and up-to-date information regarding the specific IRS forms relevant to your tax situation.

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