My next four blogs will be a summary of the Schedules that may need to be attached to the new Form 990. Remember, these are still in draft form and the IRS is taking comments from the public until mid September. Draft schedules can be viewed at the IRS website .
New Schedule A will replace the current Schedule A, Part IV. All 501(c)(3) organizations that file a 990 must file a Schedule A. The redesigned schedule focuses on public charity status. This schedule will replace the 5-year advance ruling process currently required on Form 8734.
There are no proposed changes to Schedule B.
New Schedule C, Political and Lobbying Activity, will provide detail on the current questions on Schedule A, Part VI. Organizations that conduct lobbying or political activities will report political activity and inter-corporate fund transfers.
New Schedule D will be used to report the financial statement details. New items include reporting of any uncertain tax positions under FIN 48 and a 5-year endowment table.
New Schedule E will be used by private schools and replaces the current Schedule A, Part V.
Our next post relates to schedules F - I.
