Understanding Form 990 Schedule B
Introduction
As a non-profit organization, Form 990 Schedule B is a crucial document that must be filed with the IRS. It is a detailed report that provides information about donors who have given over $5,000 to the organization in a year. In this article, we will dive deep into the details of Form 990 Schedule B and explore its significance.
My Personal Experience
As the treasurer of my local non-profit organization, I was responsible for the preparation of Form 990 Schedule B. Initially, I found the process to be overwhelming and confusing. However, with the help of a professional accountant, I was able to understand the requirements and complete the form accurately.
List of Events or Competitions of Form 990 Schedule B
Form 990 Schedule B is filed annually by non-profit organizations that receive donations of $5,000 or more from a single donor. It is a requirement under the Tax Code and is necessary for maintaining tax-exempt status. Failure to file the form can result in penalties and fines.
Detail Schedule Guide for Form 990 Schedule B
The Schedule B form requires detailed information about the donor, including their name, address, and the amount of their donation. The donor’s social security number or tax identification number is also required. The organization must also disclose whether the donor is a corporation or an individual.
Schedule Table for Form 990 Schedule B
The Schedule B form is organized into sections that require specific information. The first section is the identification of the organization, followed by the identification of the donor. The third section requires information about the donation, including the amount, date, and purpose. The final section requires a signature from an authorized representative of the organization.
Question and Answer Section about Form 990 Schedule B
What is the purpose of Form 990 Schedule B?
The purpose of Form 990 Schedule B is to provide the IRS with information about donors who have given over $5,000 to a non-profit organization. This form is necessary for maintaining tax-exempt status and ensuring compliance with the Tax Code.
Who is required to file Form 990 Schedule B?
Non-profit organizations that receive donations of $5,000 or more from a single donor are required to file Form 990 Schedule B with the IRS.
What happens if an organization fails to file Form 990 Schedule B?
Failure to file Form 990 Schedule B can result in penalties and fines. In some cases, it may even result in the loss of tax-exempt status.
When is Form 990 Schedule B due?
Form 990 Schedule B is due annually along with Form 990 or Form 990-EZ. The deadline for filing these forms is the 15th day of the 5th month after the end of the organization’s fiscal year.
FAQs Section about Form 990 Schedule B
Can I file Form 990 Schedule B electronically?
Yes, Form 990 Schedule B can be filed electronically using the IRS’s e-file system.
Do I need to file Form 990 Schedule B if I receive donations from a foreign donor?
Yes, if the foreign donor’s donation exceeds $5,000, it must be reported on Form 990 Schedule B.
What happens if I make a mistake on Form 990 Schedule B?
If you make a mistake on Form 990 Schedule B, you can file an amended return with the correct information. It is important to correct any errors as soon as possible to avoid penalties and fines.
Can I hire a professional to prepare Form 990 Schedule B?
Yes, many non-profit organizations hire accounting professionals to prepare Form 990 Schedule B. It is important to ensure that the professional is knowledgeable about the Tax Code and the requirements for non-profit organizations.