Schedule K

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Undivided Portion and Qualified Equity

Over the past few weeks, we have written multiple posts (see here, here, and here) on the recently promulgated Final Treasury Regulations governing, among other things, allocating proceeds of tax-exempt bonds and other sources to projects that  involve both qualified and private uses. As we’ve described before, the new Regulations allow issuers and 501(c)(3) borrowers … Continue Reading

When Harry Met SALY’s Schedule K

Dear Gnomes are People Too, Hello, my name is Harry and this letter is in response to your request, in light of the trenchant analysis previously rendered on Schedule K (link to trenchant analysis), that I review the most recent draft of your Schedule K prior to filing your tax return with the Internal Revenue … Continue Reading

The “K” is for “Headache”

Abandon all hopeTo state the obvious, everything on a form that you file with the IRS should be factually accurate. Above and beyond the fact that a 501(c)(3) organization must sign Form 990 (including Schedule K) under penalty of perjury, even innocent mistakes can needlessly raise the risk of an IRS audit.  We know that the IRS … Continue Reading