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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Tax forms

Form 990 Schedule L is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

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