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Form 990

Reviewing Information Specific to Form 990-EZ

Exempt organizations filing Form 990-EZ must attach any required, applicable schedules for the return to be complete. Schedule O is required by all exempt organizations filing Form 990-EZ. Schedule A is required for Section 501(c)(3) organizations and Section 4947(a)(1) nonexempt charitable trusts filing Form 990-EZ. In addition to Form 990-EZ, an exempt organization may be required to file Form 990-T to report unrelated trade or business income. See Reviewing Information Specific to Form 990-T for details.
In the account binder, the Form 990-EZ page is accessible from the
Tax Review-990
 main topic when the
990 EZ
 check box is selected on the Account Information page. Selecting the
Tax Review-990
 main topic selects the
Form 990-EZ
 subtopic and displays the Form 990-EZ page. On the Form 990 page, the collapsible sections are closed so that you can find and access (rather than scroll to) the information you want to review. Selecting a section heading opens the section and displays its details.
The following graphic shows that the
Form 990-EZ
 subtopic is selected and that the collapsible sections on the Form 990-EZ page are closed:
In addition to the
Form 990-EZ
 subtopic, the
Tax Review-990
 main topic includes separate subtopics for:
  • Form 990-T (if the
    990 T
     check box is selected on the Account Information page).
  • Each Schedule applicable to Form 990.
  • Income items, such as capital gains/losses and ordinary gains/losses.
  • Rent and royalty assets.
  • Partnership or S corporation K-1 input (which is entered or updated like 1041 Schedule K-1 input).
  • Depreciation.
  • Form 4797 (for sales of business properties).
  • Form 4720 (for excise tax liability).
  • Tax return footnotes (which are entered and updated like tax return footnotes for 1041 returns).
  • Tax return extensions (for entering or overriding information for Form 8868).
Generally, the collapsible sections on the Form 990-EZ page are arranged like the Parts of Form 990-EZ. However, revenue and expenses reported in Part I of Form 990-EZ are separated into two collapsible sections (
Part I. Revenue Summary
 and
Part I. Expense Summary
), and compensation information reported in Part IV and Part VI (for Section 501(c)(3) and 4947(a)(1) nonexempt charitable trusts) is included under the
Officers, Directors, Key Employees and Independent Contractors
 collapsible section.
note
Much of the information on the Form 990-EZ page rolls from one year to the next. This means that, for example, you will answer the questions in Part V (that inquire about the organization's activities or that determine whether a particular Schedule must be completed) the first year you use ONESOURCE Trust Tax to process the account. Each subsequent year, you will review then update only those questions that require updating.

Reviewing General Information

The
General Information
 collapsible section on the Form 990-EZ page allows you to review, enter and update the following information:
  • The Schedule B indicator (item H in the heading section).
  • The tax-exempt status and the form of organization (items J and K in the heading section).
  • The method of accounting (item G in the heading section).
  • The affiliate information for organizations that are exempt under a group exemption letter. The Group Exemption Number (item F in the heading section) is four-digits and is assigned by the IRS to the central organization. A subordinate organization completes and files Form 990-EZ when it is not is not included in the group return filed by the central organization.
  • The organization's phone number and extension (item E in the heading section), website address (item I in the heading section), and email address.
  • A reasonable cause disclosure statement.
  • The procedure (Not Applicable, Revenue Procedure 85-58, or Form 1128) by which the organization obtained IRS approval for a change in its accounting period.
  • The address change, name change and application pending indicators (item B in the heading section).
  • The books and records information (line 42a in Part V).

Reviewing Revenue and Expenses

Revenue and expenses are reported by line in Part I of Form 990-EZ. The following collapsible sections on the Form 990-EZ page show the total taxable amounts for the transactions that were mapped as revenue or expense items:
  • Part I. Revenue Summary
    -Includes revenue amounts classified as:
    • Voluntary contributions (cash and noncash), gifts, grants and other similar amounts received by the organization.
    • Program service revenue.
    • Membership dues and assessments that are not classified as contributions.
    • Investment income, which includes rental income and royalties received by the organization.
    • Sales of assets other than inventory.
    • Sales of inventory.
    • Other revenue.
  • You can review and override the total taxable amount for most of the revenue classifications. The exceptions include:
    • Revenue classified as contributions, gifts, grants and similar amounts is calculated from the contributor information entered on the Schedule B page.
    • Revenue classified as special (or gaming) activities and fundraising events is entered using the Schedule G page. To access the Schedule G page, select the
      Schedule G
       link in the
      Detail
       column, or select the
      Schedule G
       subtopic in the topic list panel.
  • For revenue classified as program service revenue, membership dues and assessments, investment income and other revenue, you can select the
    Detail Transactions
     link in the
    Detail
     column to review the transaction level detail. For revenue classified as other revenue, you can select the
    Overrides
     link in the
    Detail
     column to review and enter transaction level overrides.
  • Part I. Expense Summary
    -Allows you to review and override expense amounts. Except for grants and similar amounts paid to individuals and organizations, you can review the transaction level detail for each expense item by selecting the
    Detail Transactions
     link in the
    Detail
     column. For other expenses, you can select the
    Overrides
     link in the
    Detail
     column to review and enter transaction level overrides.
note
ONESOURCE Trust Tax generates the total amounts for changes in net assets or fund balances. The exception is for amounts classified as other changes in net assets or fund balances, which is reported on line 20, Part I of Form 990-EZ. To review, enter and update amounts that are totaled on line 20, use the
Increases and Decreases in Net Worth or Fund Balances
 grid under the
Balance Sheet
 collapsible section on the Form 990-EZ page.

Reviewing Balance Sheet and Other Changes in Net Assets or Fund Balances

The
Part II. Balance Sheet
 collapsible section on the Form 990-EZ page allows you to review, enter or update the balance sheet data reported in Part II, and the amounts classified as other changes in net assets or fund balances (reported on line 20 in Part I).
The first grid under the
Part II. Balance Sheet
 collapsible section displays the balance sheet items. The first year you use ONESOURCE Trust Tax to process the Form 990-EZ return for the account, you must enter the beginning book and ending book values. Each year thereafter, the ending book values from the prior year are used as the beginning book values for the subsequent tax year.
When applicable to a balance sheet item, the
Detail
 column in the balance sheet grid includes a
Detail
 link. Selecting the
Detail
 link displays the details in a pop-up window. You can review, enter and change the details.
The
Increases and Decreases in Net Worth or Fund Balances
 grid, which displays below the balance sheet grid, is used to review, enter or update amounts classified as other changes in net assets or fund balances. This can include, for example, an adjustment of a prior year's activity, unrealized gains and losses on investments booked at market value, and any difference between the FMV and book value of property given as an award or grant. The description and amount you enter are reported on Schedule O regardless of whether you select the check box to indicate that an explanation is included on Schedule O.

Reviewing Program Service Accomplishments

Part III of Form 990-EZ is used to describe the organization's program services, which are those activities forming the basis for the organization's tax-exempt status. On the Form 990 page, the
Part III, Program Service Accomplishments
 collapsible section is used to review, enter or update:
  • The organization's primary exempt purpose.
  • The program service information for the three largest program services. Program services include grants or allocations paid to recipients.
  • If there are program services were comparable to the three largest program services, the totals for those services can be entered as other program services. Other program services are reported on line 4d in Part III, and described in Schedule O.
The graphic below shows the
Part III. Statement of Program Service Accomplishments
 collapsible section for the fictional XYZ Resource Group. Notice that the
Expense
 column includes the total amount of expenses incurred for each program service, and that the
Including grants
 column includes the grant amount paid to recipients throughout the year.
You can review transaction level detail for program service revenue using the
Part I. Revenue Summary
 collapsible section. To review the transaction level detail, select the
Detail Transactions
 link in the
Detail
 column for
Program service revenue including government fees and contracts
.

Reviewing Compensation and Benefit Information

Part IV of Form 990-EZ is used to report forms of cash and noncash compensation received by officers, directors, trustees, and key employees regardless of whether they are paid currently or deferred. On the Form 990-EZ page, the
Officers, Directors, Key Employees and Independent Contractors
 collapsible section includes the following grids for reviewing, entering and updating compensation information:
  • Officers, Directors and Key Employees
    -Used for current and former officers, directors, trustees, key employees, and the five highest compensated employees that received more than $100,000 of compensation. ONESOURCE Trust Tax reports the applicable information from this grid in Part IV and Part VI. Part VI applies to Section 501(c)(3) organizations and Section 4947(a)(1) nonexempt charitable trusts.
  • Independent Contractors
    -Used for the five highest compensated independent contractors that received more than $100,000 of compensation from the organization for services. ONESOURCE Trust Tax reports the applicable information from this grid in Part VI for Section 501(c)(3) organizations and Section 4947(a)(1) nonexempt charitable trusts.

Reviewing Questions in Part V

Part V of Form 990-EZ asks questions that should be answered rather than leaving blank. Some questions ask about the organization's activities throughout the year and require amounts to be entered. Other questions determine whether a particular Schedule must be completed. Questions displaying
Required
 as the answer indicate that you must change the answer to
Yes
 or
No
. See Cross Reference for Part V Questions and Other Filing Requirements for a list of the schedules or other filing requirements that are applicable when the answer to a question is
Yes
.
note
  • ONESOURCE Trust Tax does not support register fields for the questions in Part V.
  • The Instructions for Form 990-EZ include requirements for personal benefit contract statements. If an organization is required to attach a statement describing its involvement with a personal benefit contract, you can enter it using the
    Supplemental Information
     grid on the Schedule A page. To access the Schedule A page, select
    Tax Review-990
     then
    Schedule A
     in the topic list panel.
  • ONESOURCE Trust Tax does not support Form 8870, which is used to report personal benefit contract premiums, even though it is required to be filed when an organization has involvement with a personal benefit contract.
Cross Reference for Part V Questions and Other Filing Requirements
The table below provides a cross reference for the questions in Part V of Form 990-EZ, the Schedule or other filing requirement that applies when the answer to the question is
Yes
, and where to find the information in ONESOURCE Trust Tax. You can access the page for an applicable Schedule by selecting the corresponding subtopic from the
Tax Review-990
 main topic.
Part V Line
General Subject of the Question
Applicable Schedule or Other Form
Reviewing, Entering and Updating Schedule or Other Form Data
33
Significant activities not previously reported to the IRS
Schedule O
Use the Form 990-EZ or Schedule O page. Entering a description on the Form 990-EZ page does not update the Schedule O page.
34
Significant changes to organizing or governing documents
Schedule O
Use the Form 990-EZ or Schedule O page. Entering an explanation on the Form 990-EZ page does not update the Schedule O page.
note
If the organization's name changed, a conformed copy of the changes will need to be attached to Form 990-EZ.
35a and 35b
Unrelated business income
Schedule O
Form 990-T
Use the Form 990-EZ or Schedule O page to enter a reason for not filing Form 990-T. Entering a reason on the Form 990-EZ page does not update the Schedule O page.
Form 990-T is required when the organization has $1,000 or more of gross unrelated business income. Use the Form 990-T page to review, enter or update information specific to Form 990-T. See Reviewing Information Specific to Form 990-T for details.
35c
Section 501(c)(4), 501(c)(5) or 501(c)(6) organization subject to Section 6033(e) notice, reporting and proxy tax requirements
Schedule C, Part III
Use one of the following sections on the Schedule C page:
  • Part III-A to be completed by organizations exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6)
  • Part III-B to be completed by organizations exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) if BOTH Part III-A questions 1 and 2 are answered "No" or if Part III-A question 3 is answered "Yes".
36
Liquidation, termination, dissolution or significant disposition of net assets
Schedule N
Use the Schedule N page.
37a and 37b
Political expenditures and Form 1120-POL
Form 1120-POL
note
ONESOURCE Trust Tax does not support Form 1120-POL.
38a and 38b
Loans to and/or from interested persons
Schedule L, Part II
Use the
Part I, II-Excess Benefits or Loans to and/or from Interested Persons
 collapsible section on the Schedule L page. You can access the Schedule L page from the Form 990-EZ page by selecting the
Schedule L
 link.
39a
Section 501(c)(7) organization-Initiation fees and capital contributions
39b
Section 501(c)(7) organization-Gross receipts for public use of club facilities
40a
Section 501(c)(3) organization-Excise tax imposed under I.R.C. Sections 4911 (excess lobbying expenditures), 4912 (disqualifying lobbying expenditures) or 4955 (political expenditures)
40b
Section 501(c)(3), 501(c)(4) or 501(c)(29) organization-Excess benefit transactions
Schedule L, Part I
Use the
Part I, II-Excess Benefits or Loans to and/or from Interested Persons
 collapsible section on the Schedule L page. You can access the Schedule L page from the Form 990-EZ page by selecting the
Schedule L
 link.
40c
Section 501(c)(3), 501(c)(4), or 501(c)(29) organization-Excise taxes imposed on organization manager or disqualified person under I.R.C. Sections 4912 (disqualifying lobbying expenditures), 4955 (political expenditures), and 4958 (excess benefit transactions)
40d
Section 501(c)(3), 501(c)(4), or 501(c)(29) organization-Reimbursement of excise tax liability of an organization manager or disqualified person
40e
Prohibited tax shelter transactions
Form 8886-T
note
ONESOURCE Trust Tax does not support Form 8886-T.
41
State reporting
42a
Books and records
The books and records information is under the
General Information
 collapsible section on the Form 990 page.
42b
Foreign financial accounts
FinCEN 114
note
FinCEN 114 is not filed with the IRS or attached to Form 990-EZ. ONESOURCE Trust Tax does not support FinCEN 114.
42c
Office outside the US
43
Section 4947(a)(1) nonexempt charitable trust-Tax-exempt interest or dividends received or accrued
44a
Donor advised funds
Complete Form 990 instead of Form 990-EZ
Use the Form 990 page instead of the Form 990-EZ page. See Reviewing Information Specific to Form 990 for details.
44b
Hospital facilities
Complete Form 990 instead of Form 990-EZ
Use the Form 990 page instead of the Form 990-EZ page. See Reviewing Information Specific to Form 990 for details.
44c and 44d
Indoor tanning services and Form 720
Schedule O
Form 720
Use the Form 990-EZ or Schedule O page. Entering a reason for not filing Form 720 on the Form 990-EZ page does not update the Schedule O page.
note
ONESOURCE Trust Tax does not support Form 720.
45a
Controlling organizations described in I.R.C. Section 512(b)(13)
45b
Controlling organizations that either:
  • Received or accrued from the controlled entity any interest, annuities, royalties or rent
  • Engaged in other transactions with the controlled entity if the amounts exceeded $50,000
Complete Form 990 and Schedule R instead of Form 990-EZ
Use the Form 990 and Schedule R pages instead of the Form 990-EZ page. See Reviewing Information Specific to Form 990 for details.
46
Political campaign activities
Schedule C, Part I
Use the
Part I, A-C
 collapsible section on the Schedule C page.

Reviewing Additional Reporting for Section 501(c)(3) Organizations and Section 4947(a)(1) Nonexempt Charitable Trusts

Section 501(c)(3) organizations and Section 4947(a)(1) nonexempt charitable trusts must complete Part VI of Form 990-EZ. On the Form 990-EZ page, the
Part VI. 501(c)(3) Organization Only
 collapsible section allows you to:
  • Answer the questions in lines 47, 48, 49a and 49b. Questions displaying
    Required
     as the answer indicate that you must change the answer to
    Yes
     or
    No
    . See Cross Reference for Part VI Questions and Required Schedules for details on the schedule that applies when the answer to a question is
    Yes
    . ONESOURCE Trust Tax does not support register fields for the questions in Part VI.
  • Enter the total number of employees that were paid over $100,000.
  • Enter the total number of independent contractors that were paid over $100,000.
See Reviewing Compensation and Benefit Information to review the compensation information for officers, directors, trustees, key employees and independent contractors.
Cross Reference for Part VI Questions and Required Schedules
The table below provides a cross reference for the questions in Part VI of Form 990-EZ, the Schedule that applies when the answer to the question is
Yes
, and where to find the information in ONESOURCE Trust Tax. You can access the page for an applicable Schedule by selecting the corresponding subtopic from the
Tax Review-990
 main topic.
Part VI Line
General Subject of the Question
Applicable Schedule
Where to Find Schedule Data in ONESOURCE Trust Tax
47
Lobbying activities
Schedule C, Part II
One of the following collapsible sections on the Schedule C page:
  • Part II-A to be completed by all organizations exempt under section 501(c)(3) that filed Form 5768(election under section 501(h))
  • Part II-B to be completed by organizations exempt under section 501(c)(3) that have Not filed Form 5768 (election under sections501(h))
48
Organization is a school described in Section 170(b)(1)(A)(ii)
Schedule E
Part I Questions
 on the Schedule E page.
49a
Transfers to a related organization
49b
Related organization is a Section 527 organization

This article applies to:

  • PRODUCT: ONESOURCE Trust Tax
  • Return type: 990 Exempt Organization