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ExpressTaxExempt Blog

Thursday, July 9, 2015

Choppin’ Up with the Schedules Part 2


Welcome Back!
Last time, we were chopping down the first four schedules that you may need to complete when filing a Form 990-EZ. That blog can be found HERE. So, not to stall any longer, let’s continue cutting through the second half.

Form 990-EZ Schedules (cont.)

Schedule G
You want to play a little game? How about raising funds? This schedule is for reporting how your tax-exempt organization uses professional fundraising services, or information about your organization’s fundraising and gaming events.

Schedule L
Brace yourself… Schedule L is probably the most elaborate form within the Form 990-EZ. But it can be chopped down and handled like anything else. Basically, Schedule L asks for two main things:

First, information on certain financial transactions or arrangements between your organization and
  • Disqualified person(s) under section 4958
  • Other interested persons
Second, knowledge on whether a member of your organization's governing body is an independent member for purposes of Form 990, Part VI, line 1b.

Hint: You will need to complete this schedule if you answered “Yes” to Form 990-EZ, Part V, line 40b, regarding excess benefit transactions, or Form 990-EZ, Part V, line 38a, regarding loans.

Other things to consider when filling out a Schedule L include

  • Excess Benefit Transactions
  • Assistance Benefitting Interested Persons
  • Types of Reportable Transactions

This all may be daunting to you at first; however, with a calm demeanor a decent understanding, you can get through “L” like any other schedule.

Schedule N
The point of No return, if this schedule applies to your tax-exempt organization. The purpose of filling this form is to report your organization going out of business or disposing more than 25% of your net assets through a contraction, sale, exchange, or other disposition.

Schedule O
Oh, oh, we’re about done, you know? In a nutshell, this form is for detailed responses to specific questions or explanations of your operations that couldn’t be narrated through the other parts of the Form 990-EZ.

Hint: You will need to complete a Schedule O to provide any detailed information for the following sections:

  • Part I, Lines 8,10,16, 20
  • Part II, Lines 24, 26
  • Part III, Line 31
  • Part V, Lines 33, 34, 35b

Not too bad, right? Keep in mind that not all tax-exempt organizations operate the same. So you might have to fill out more schedules than the next organization. No worries though. And even though you may like to get through it as quickly as possible, your main point should be successfully filing, not filing the fastest.

Get your Form 990-EZ completed error-free by e-filing with Express990. Our service provides a built-in error check that makes sure your form is free of mistakes before transmitting to the IRS - no matter how quickly you get through the process.

For assistance with e-filing any of our available 990 forms, contact our live support by phone Monday through Friday from 9am to 6pm, Eastern Standard Time, at (704) 839-2321, by email at support@expresstaxexempt.com, or by live chat at www.expresstaxexempt.com.


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