Do fixed assets mean 990 rather than 990EZ?

Technical topics regarding tax preparation.
#1
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17-Nov-2014 2:06pm
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North Carolina
Good evening! I'm working on a nonprofit return and having an issue with my software. Client meets the requirements to file 990EZ in terms of revenues and assets. They also have fixed assets and other liabilities, so they need Schedule D. I've been filing Schedule D with 990EZ, but this time, my software is requiring 990 specifically because they need Sch D. Is that correct? I know that donor advised fund sponsorship requires Schedule D AND 990, but I was not aware that Sch D reporting fixed assets and other liabilities couldn't be filed with 990EZ. Looking at the instructions, I can't tell who's right. EZ instructions and form for the balance sheet include a line for land and buildings. Anyone have any insights on this?

Thanks!
 

#2
Nilodop  
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There are other factual situations that require Sch D, but they all apply only to 990, not 990EZ. Having land and buildings does not require the D or a 990 if you meet the EZ filing requirements. The only way you'd need (in your facts) to file a D is if you choose to file a 990 instead of a 990EZ. But why would you?

Trivia question. Why do the 990 instructions speak of Land, Buildings and Equipment, while 990EZ instructions speak of Land and Buildings? My answer, I don't care. You'd have to put equipment under Other Assets in order to have a complete balance sheet.

Completing a D probably tells your s/w that you want to file a 990.
 

#3
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210
Joined:
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North Carolina
Thanks, Nilodop -- your comments were helpful. I'll just plug what I need directly onto the 990EZ to get the balance sheet done.
 


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