Get Irs 990 Or 990-ez - Schedule L 2017
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How to fill out the IRS 990 or 990-EZ - Schedule L online
This guide provides clear and comprehensive instructions on how to complete Schedule L of the IRS 990 or 990-EZ form online. Schedule L is essential for organizations to report transactions with interested persons, ensuring transparency and compliance with IRS requirements.
Follow the steps to successfully fill out Schedule L
- Click ‘Get Form’ button to access the form and begin the process of filling it out.
- Enter the employer identification number at the top of the form. This number uniquely identifies your organization.
- In Part I, provide details of excess benefit transactions if applicable. Answer the relevant questions based on your organization's responses from Form 990 or 990-EZ.
- For each disqualified person listed, fill in their name, relationship to the organization, and a description of the transaction. Ensure to specify whether the transaction was corrected.
- In Part II, complete the section regarding loans to or from interested persons. Indicate the name, relationship, purpose of the loan, and confirm whether it is a loan to or from the organization.
- Record the original principal amount and balance due for each loan. Additionally, indicate if any loans are in default and whether they were approved by the board or committee.
- Proceed to Part III to report any grants or assistance benefiting interested persons. Ensure to clearly specify the type and purpose of the assistance provided.
- In Part IV, document any business transactions involving interested persons, outlining the amount and description of each transaction.
- Finally, use Part V for any supplemental information that may enhance understanding or clarify your responses on Schedule L.
- Once completed, save your changes, download or print the form, or share it as needed for your records.
Commence your filing of the IRS 990 or 990-EZ - Schedule L online today.
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The key distinction between IRS Form 990 and 990-EZ is their complexity and the size of the organization filing them. Form 990 requires more detailed reporting and is for larger organizations, while 990-EZ is a simplified version for smaller nonprofits. Choosing the right form helps ensure compliance and reduces filing burdens. With USLegalForms, you can quickly determine the best option for your organization.
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