What are the organizations that are required to complete and attach a Schedule L with Form 990-EZ?
3.5k views | Last modified 6/5/2020 8:38:04 AM EST | Added by ExpressTaxExempt Team

Applicable To
990-PF 990-N 990-EZ 990 8868 1120-POL

Filing Schedule L (Form 990-EZ or Form 990) will primarily depend on an organization's transactions with a disqualified person or any other person of interest.
 
The organizations will have to attach a Schedule L, if

  1. A Section 501(c)(3), 501(c)(4), or 501(c)(29) organization engages in any section 4958 excess benefit transaction during the year or in a prior year and has not reported it on any of its prior Forms 990-EZ. Then the organization is required to fill only the Part I of the Schedule L and attach it with the form.
  2. An organization borrows from, or makes a loan to an officer, director, trustee, or any other key employee during the tax year or any such loans were made in a prior year and is still outstanding at the end of the current tax year. Then the organization is required to fill only Part II of the Schedule L and attach it with the form.

The Schedule L will be generated automatically if required while filing your Form 990-EZ using the "Interview-Based" method in ExpressTaxExempt. The Schedule L will be made available to you depending upon the information you enter in your Form 990-EZ using the "Form-Based" method in ExpressTaxExempt.

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