Definition & Meaning
The 2015 Form 990 or 990-EZ (Schedule C) - IRS is a schedule used by organizations exempt from income tax under sections 501(c) and 527. This form is essential for reporting on political campaign and lobbying activities of these organizations. Key sections include disclosures of political expenditures, records of volunteer hours dedicated to political work, excise taxes, and details of lobbying expenditures. The primary goal is to ensure compliance with IRS regulations regarding the political activities of non-profit organizations.
How to Use the 2015 Form 990 or 990-EZ (Schedule C) - IRS
To effectively use the 2015 Form 990 or 990-EZ (Schedule C), organizations must first determine their specific tax-exempt status under sections 501(c) or 527. Organizations need to closely follow the instructions provided by the IRS to complete the applicable parts of the form, focusing on capturing accurate information about their political and lobbying activities.
- Political Expenditures: Detail all political campaign expenses, including payments, loans, and other types of transactions.
- Lobbying Activities: Provide a comprehensive account of lobbying expenditures and any funds spent on influencing legislation.
- Volunteer Hours: Record the number of hours spent on political activities by volunteers, offering transparency about resource allocation.
Steps to Complete the 2015 Form 990 or 990-EZ (Schedule C) - IRS
Completing this form involves several steps to ensure all relevant information is captured accurately:
- Determine Applicable Sections: Evaluate which sections of Schedule C apply based on the organization's activities.
- Gather Information: Compile necessary documents and records relating to political expenditures, lobbying activities, and volunteer work.
- Fill in Political Campaign Section: Enter details of all financial transactions related to political campaigns.
- Complete Lobbying Section: Document all lobbying activities and expenditures.
- Review and Confirm: Double-check all entries for accuracy and completeness before submission.
Who Typically Uses the 2015 Form 990 or 990-EZ (Schedule C) - IRS
Organizations that typically use this form include:
- 501(c)(3) Organizations: Charities with restricted political activities are still required to report certain expenditures.
- 501(c)(4) and (c)(6) Organizations: Social welfare and trade associations that engage in lobbying and political activities.
- 527 Political Organizations: Primarily engaged in political campaign activities, requiring detailed reports of their spending.
Important Terms Related to 2015 Form 990 or 990-EZ (Schedule C) - IRS
- Political Campaign Activities: Efforts to influence the selection, nomination, election, or appointment of individuals to political office.
- Lobbying: Activities intended to influence legislation, rules, or policies.
- Excise Taxes: A form of penalty imposed on certain types of political expenditures by non-profit organizations.
Key Elements of the 2015 Form 990 or 990-EZ (Schedule C) - IRS
Key elements to focus on include:
- Schedule C Sections: Each part of the form focuses on different aspects of political and lobbying activities.
- Financial Transactions: Accurate reporting of all transactions related to political and lobbying activities is critical.
- Disclosure Requirements: Detailed information about expenditure sources and their corresponding uses.
IRS Guidelines
The IRS provides specific guidelines for completing Schedule C, intended to ensure the accuracy and transparency of reported activities:
- Comprehensive Reporting: All activities must be documented fully, without omitting relevant information.
- Documentation: Organizations should maintain proper receipts and records that justify reported figures.
Filing Deadlines / Important Dates
The 2015 Form 990 or 990-EZ (Schedule C) must be filed by the 15th day of the 5th month after the end of the organization's accounting period. Failure to meet deadlines could result in penalties. Extensions may be requested when necessary.
Penalties for Non-Compliance
Non-compliance with filing requirements can result in significant penalties:
- Monetary Fines: Fines may be imposed for late submissions or inaccurate reporting.
- Revocation of Tax-Exempt Status: Persistent non-compliance can lead to the loss of tax-exempt status, severely impacting an organization's operations.
