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2023-2024 990 Ez schedule o Form: What You Should Know
As I said above, the main purpose of Schedule O is to document important and often confidential information about the organization to help the public understand what it does, why it does this, and how it does it. It is designed to educate the public about tax-exempt organizations, and to promote IRS compliance. Let's look closely at some parts of Form 990. Here are the “information” questions and answers. (1)(a) Is there a significant change in the nature of the activities or activities of the organization? (b) Are the activities of the organization primarily for exempt purposes, or are other substantial activities of your organization engaged in for revenue? (1)(c)(i) Have you ever operated for the benefit (other than income) of a disqualified person, or other person associated with a disqualified person? Yes, in each of the 5 most recent years with respect to which we have records. (iii) Have you engaged in the other activities described in the question for the five most recent years? No, in all the 5 most recent years with respect to which we have records. There are only certain activities that are “significant,” which means they can be shown to impact the financial position or tax liability of the organization and other significant activities have now been excluded. The most recent years covered in this question are 2024 and 2018. (2) Do you use a business name or a non-business name, or use a business and a non-business name? (A) a person will be considered a sole proprietor, sole proprietorship or partnership, regardless of the nature of the business, if the sole proprietor(s), sole proprietorship(s), or partnership consists of any combination of individuals or corporations, if the business is conducted solely for the purpose of conducting a trade or business. See Pub. 535. (B) a person will be considered a partnership, regardless of the nature of the business, if the partnership consists of any combination of individuals or corporations (including sole proprietors, partners, general partners, non-profits, members of a non-profit organization, and corporations engaged in a trade or business). See also: Pub. 535 A person engaged in a trade or business is not treated as a member of a partnership for accounting purposes if that person is in the trade or business by reason of being an owner or a member of an owner-member corporation (see Pub. 535).
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