IRS Form 990 Schedule L Transactions With Interested Persons

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Instructions for IRS Form 990 Schedule L Transactions With Interested Persons

What Is IRS Form 990 Schedule L?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. The document is a supplement to IRS Form 990, Return of Organization Exempt From Income Tax. Check the official IRS-issued instructions before completing and submitting the form.

FAQ

Q: What is IRS Form 990 Schedule L?
A: IRS Form 990 Schedule L is a form that organizations tax-exempt under section 501(c)(3) must file to report certain transactions with interested persons.

Q: Who has to file IRS Form 990 Schedule L?
A: Organizations tax-exempt under section 501(c)(3) must file IRS Form 990 Schedule L.

Q: What are 'transactions with interested persons'?
A: 'Transactions with interested persons' refer to certain financial transactions or arrangements between a tax-exempt organization and individuals who have a close relationship with the organization, such as board members, officers, key employees, or family members.

Q: Why do organizations have to report transactions with interested persons?
A: Organizations have to report transactions with interested persons to ensure transparency and accountability, as these transactions could potentially involve conflicts of interest or improper use of funds.

Q: What information is included in IRS Form 990 Schedule L?
A: IRS Form 990 Schedule L includes information about the nature and amount of transactions with interested persons, as well as the relationship between the parties involved.

Q: When is IRS Form 990 Schedule L due?
A: IRS Form 990 Schedule L is typically due along with the organization's annual Form 990, which is due on the 15th day of the 5th month after the end of the organization's fiscal year.