Old Rule: Tax-Exempt Organizations Reported Contributors’ Information on Schedule B, Form 990, 990-EZ, 990-PF
Until now, the regulations for tax-exempt organizations under 501(a) required filling of schedule B. The non-profits organizations reported on schedule B the names, addresses and other information of their contributors that contributed more than a certain limit, in general over $5000, during the filing tax year. Contributions could be either in the form of cash, securities, or other type of property.
The reporting organizations had to complete and attach Schedule B to their Form 990, 990-EZ or 990-PF, unless the organization certified that it didn’t meet the filing requirements of this schedule.
Revenue Procedure 2018-38 Eliminates Reporting Contributors’ Information for Certain Organizations
Recently IRS announced that organizations exempt from tax under 501(a) of the Internal Revenue Code, other than organizations described in 501(c)(3), are no longer required report the names and addresses of their contributors on the Schedule B.
The IRS can still require that this information is made available to them. That is why you should still collect and keep this information in your records.
Please observe that the IRS still requires some 501(c)3 organizations to report their contributors’ information by filing Schedule B.
Here is a link to Revenue Procedure 2018-38. The IRS published it in IRB 2018-31 dated July 30, 2018.
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