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Form 990 (Schedule J) Illinois: What You Should Know

The following are mandatory fields on Forms 990 submitted for 2024 and the prior tax years. Deductions are claimed for qualified compensation and business expenses. For information see Revenue Procedure 2016-41. A. Qualified Compensation and Business Expenses (see instructions) B. Amount of Qualified Compensation and Expenses (see instructions) 1. Enter total compensation in Column D, which consists of base salary, board, bonus, special compensation, and fringe benefit. If you're not sure if you're reporting all the compensation for certain salaries listed, check Column J of that table. 2. Enter a negative value in Column G for expense reimbursements, which are amounts paid by the company directly or indirectly to cover a cost to you of a qualified benefit or expense that you are entitled to receive because you worked as a representative, employee, volunteer, or supplier for the company. If such an expense is paid solely in the form of relocation expenses (i.e., one-time moving expenses that are not reimbursable), you may be entitled to a reimbursement. (For details, see Revenue Procedure 2016-71. You must also keep copies of all reimbursements on record for any future tax years.) 3. Enter the amount of business deductions in Column C, including any deduction that may result from a net operating loss carry back. The carry back rule allows corporations to offset a taxable year's expenses against later years, resulting in a smaller number of deductions. A net operating loss carried over for the previous current year is deductible the same year it was accumulated, not as a part of a series of years. However, net operating losses that were deducted during that year for expenses are not carried forward to the following year. If you are filing Schedule O, calculate the amount of qualified business expenses for the year using the following tables: A. The total expenses for the year are 250,000. B. For the year, you will deduct expenses of 25,000. C. You will also deduct 6,650 for any nonqualifying business (other than a partnership or S corporation) or partnership activity. D. You will deduct the rest of your expenses of 50,000. E.

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