Tax990 Knowledge Base

Is there any relation between Schedule K and Form 8038 series?

Form 8038 series (such as Forms 8038, 8038-G, 8038-CP, etc.) is used to report the issuance of tax-exempt, tax credit, and direct pay bonds to the IRS.

Schedule K is an attachment to Form 990 and is required if a tax-exempt organization has outstanding tax-exempt bonds. It provides more detailed information about the use of proceeds, private business use, arbitrage, and other key aspects of the bond issue.

While the Form 8038 series is used to report the issuance of the bonds, Schedule K tracks the ongoing compliance and usage of the proceeds associated with those bonds.