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If an organization has gross receipts less than $200,000 and total assets at the end of the year less than $500,000, it can file Form 990-EZ, instead of Form 990.
Tax-exempt organizations, nonexempt charitable trusts, and section 527 political organizations file Form 990-EZ to provide the IRS with the information required by section 6033.
The four most common 990 forms include: The full 990 form. 990-EZ. 990-N (e-Postcard) 990-PF.
Purpose of Schedule. An organization should use Schedule O (Form 990), rather than separate attachments, to provide the IRS with narrative information required for responses to specific questions on Form 990 or 990-EZ, and to explain the organizations operations or responses to various questions.
Form 990 is the IRS primary tool for gathering information about tax-exempt organizations, educating organizations about tax law requirements and promoting compliance. Organizations also use the Form 990 to share information with the public about their programs.
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Schedule L is only used by taxpayers who are increasing their standard deduction by reporting state or local real estate taxes, taxes from the purchase of a new motor vehicle, or from a net disaster loss reported on Form 4684.
If the corporations total receipts for the tax year AND total assets at the end of the tax year less than $250,000, Schedules L and M-1 are not required.
Tax-exempt organizations, nonexempt charitable trusts, and section 527 political organizations file Form 990 to provide the IRS with the information required by section 6033.
When Schedule L is required: If the corporation does NOT meet both requirements set forth in Schedule B (Form 1120S), Line 11, the corporation is required to complete Schedule L and enter the balance sheet as reflected on the corporations books and records.
Schedule L (Form 990) is used by an organization that files Form 990 or 990-EZ to provide information on certain financial transactions or arrangements between the organization and disqualified person(s) under section 4958 or other interested persons.

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