How should organizations record the payment transactions made with a controlled entity on 990-EZ?
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Last modified 4/19/2024 4:02:16 AM EST |
Applicable To
990-PF
990-N
990-EZ
990
8868
1120-POL
If an organization has engaged in a transaction with a controlled entity, and if the transaction value exceeds $50,000, then they are supposed to file Form 990 instead of 990-EZ and must attach Schedule R along with the information return.
What is a Controlled Entity? A controlled entity is an organization described under section 512(b)(13), which may be a stock or nonstock corporation, association, partnership, LLC, or trust of which the controlling organization owns more than 50% of:
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