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990 ez schedule o Form: What You Should Know
Because it does not follow the usual IRS format for “form-based” information, an employer or tax-exempt organization might overlook the Form 990 Schedule O, and assume that it will simply be an annual or quarterly tax return. However, if the organization has been in operation for several years, or is not only a small one, the form may contain a wealth of information. Below we outline some important parts of the form. 1. Income: All income figures are listed in column A, then the name of the donor and the amount of income that is reported, and the name, address, and tax type of the organization. 2. All donations: This column details the nature, number, and amount of all contributions. 3. Net Income: This column shows the amount of income that flows to the organization in a given year. The column will list the gross income, minus the deductions and estimated tax items. 4. Expenses: This column lists any expenses (such as payroll, rent, insurance, and utilities) not paid out of profit or net income. 5. Net Assets: This column reports the total assets that the organization has before giving or spending any Money. At this point, the Form 990 appears almost entirely harmless and does not indicate a tax issue or that the organization should be treated as a business for tax purposes. However, if these numbers are incorrect or incomplete, the Form is a serious matter. There are some forms of tax evasion as well as the possibility of the Form 990 being used to fraudulently obtain tax exemption or a tax refund. Even if a form is not actually fraudulent, if the organization fails to report its required information properly, the IRS may take legal action. If there are more than 30 errors, or if a non-resident is attempting to commit another major crime, the penalties for each individual error can be substantial.
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