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SCHEDULE L (Form 990 or 990EZ) Department of the Treasury Internal Revenue Service Complete Transactions With Interested Persons OMB No. 15450047 A Theater Group 1 742563846 Excess Benefit Transactions

How to fill out schedule l form 990

How to fill out schedule l form 990:

1. Gather all necessary information and documents: Before starting to fill out schedule L form 990, it's important to have all the relevant information and supporting documents at hand. This may include details about the organization's holdings, related entities, transactions, grants and contributions received, and more.
2. Understand the purpose of schedule L: Schedule L of form 990 is used to provide information about certain financial transactions of the organization. It helps the IRS determine if there are any potential conflicts of interest, excess benefits, or other questionable transactions.
3. Begin filling out the form: Start by entering the organization's name, address, EIN (Employee Identification Number), and the tax year for which you are filing the form. Make sure all the information is accurate and up to date.
4. Provide details about holdings: In this section, you will need to provide information about the organization's holdings, including any investments, real estate, or other assets. Include details such as the type of asset, its fair market value, the acquisition date, and any related income or expenses.
5. Disclose transactions with interested persons: If the organization had any transactions with interested persons, such as key employees, officers, or board members, this section requires you to disclose those transactions. Provide details about the nature of the transaction, the individuals involved, the amount of money involved, and any other relevant information.
6. Report grants and contributions received: In this section, you will need to provide information about any grants or contributions received by the organization during the tax year. Include details such as the name of the contributor, the amount contributed, the purpose of the grant or contribution, and any other required information.
7. Complete the remainder of the form: Depending on your organization's specific situation, there may be additional sections or requirements on schedule L form 990. Make sure to carefully read all the instructions and provide the necessary information for each section.

Who needs schedule L form 990:

1. Nonprofit organizations: Schedule L form 990 is primarily used by nonprofit organizations that are required to file an annual information return with the IRS. This includes organizations exempt from income tax under section 501(c)(3) or other sections of the Internal Revenue Code.
2. Larger organizations: The requirement to file schedule L form 990 may depend on the size and financial activity of the organization. Generally, organizations with gross receipts exceeding $200,000 or total assets exceeding $500,000 are required to complete schedule L.
3. Organizations involved in certain transactions: Schedule L is particularly relevant for organizations that have engaged in certain financial transactions during the tax year, such as certain grants and contributions, acquisitions or dispositions of assets, and related entity transactions.

It is important to note that the above information is a general overview, and it is recommended to consult with a tax professional or refer to the official instructions provided by the IRS when filling out schedule L form 990.

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What is schedule l form 990?

Schedule L Form 990 is a form that must be filed by tax-exempt organizations to provide information about certain transactions or relationships between the organization and disqualified persons.

Who is required to file schedule l form 990?

Tax-exempt organizations that meet certain criteria, such as having reportable transactions with disqualified persons, are required to file Schedule L Form 990.

How to fill out schedule l form 990?

Schedule L Form 990 must be filled out by providing information about the organization, details of reportable transactions or relationships with disqualified persons, and any other required information as specified in the form instructions.

What is the purpose of schedule l form 990?

The purpose of Schedule L Form 990 is to provide transparency and accountability by disclosing certain transactions or relationships that could potentially result in conflicts of interest.

What information must be reported on schedule l form 990?

Information such as details of transactions with disqualified persons, certain financial information, and any other required information as specified in the form instructions must be reported on Schedule L Form 990.