When is an organization required to File Schedule K with Form 990?
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Last modified 3/14/2023 9:23:46 AM EST |
Schedule K is generally filed by organizations along with its Form 990 return to report information on their outstanding liabilities associates with tax-exempt bond issues.
Schedule K must be filed by organizations if it performs any one of the following activity:
- Reported an outstanding tax-exempt bond issue with an outstanding principal amount of over $100,000 on the last day of the tax year.
- Reported an outstanding tax-exempt bond issue that was issued after December 31, 2002.
However, an organization can only report up to 4 outstanding tax-exempt liabilities in a Schedule K form. In more than four outstanding tax-exempt liabilities, the schedule can be duplicated by the organization to report the additional tax-exempt liabilities.