Welcome Guest. Register Now!  


Non-Profit Organisation Non Profit Organisation


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 09-29-2015, 05:25 PM
Junior Member
 
Join Date: Sep 2015
Posts: 4
990 - Schedule B

If I have a 501(c)(3) and the General Rule is marked on Schedule B, does that mean I have to show all contributions greater than $5,000? Is there a way where I don't have too? There can be instances where there are more than 40 people who contributed more than $5,000.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 09-29-2015, 11:14 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
If I have a 501(c)(3) and the General Rule is marked on Schedule B, does that mean I have to show all contributions greater than $5,000?======>$5K or MORE.It states that Unless the CHARITY is covered by one of the Special Rules, it must list in Part I every contributor who, during the year, gave the organization, directly or indirectly, money, securities, or any other type of property that total $5K or more for the organization's tax year.”
Is there a way where I don't have too? There can be instances where there are more than 40 people who contributed more than $5,000.========>>Not to show all contributions greater than $5K, your charity NEEDS to be covered by one of the special rules; to be covered by the special rule, For a 501(c)(3) charity meeting the 33.33% support test of the regulations under sections as medical research organization and not just the 10% support test as museums of history, art, or science, libraries, community centers whether or not the organization is otherwise described, list in Part I only those contributors whose contribution of $5Kor more during the tax year is greater than 2% of the amount reported on Form 990, Part VIII, line 1h.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Business Expense - Schedule A Vs. Schedule C mlwoo Itemized Deductions 1 11-28-2017 10:52 AM
Schedule C or E b78772 Income 1 03-27-2014 01:46 PM
Schedule C deduction with no Schedule C Income mlwoo Sole-Proprietorship 3 01-30-2014 04:06 PM
Schedule F - how many nelsonmountain Miscellaneous 1 04-13-2013 04:23 AM
How much of Tax preparation fees are deductible on Schedule A & Schedule C? awkan Sole-Proprietorship 1 03-23-2007 11:28 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.