Form 990 (Schedule J) MS 2023-2024

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

Form 990, Schedule J is supposed to report the compensation of principal officers as well as other top executive officers, not just the person designated by the president/chairman/board member for compensation. For this reason, we recommend that you look at Forms 990 in conjunction with Form 990, Schedule S-K. The only exception to this rule is if the compensation is compensation attributable to services the principal officers performed or services performed in connection with an incident of the organization that happened after June 15, 2016, and before June 15, 2017. The compensation attributable to the incident should be reported on Form 990(P), Schedule F. Also, if no compensation was paid for services performed after June 15, 2016, and before June 15, 2017, then you don't have to report any compensation on the form. If you're a charity or governmental organization, then you can choose to file a return which is essentially a return which gives details about compensation paid to top executives. You use Form 990-PF, Schedule P, Item 3, which is a Schedule K filing for a charitable deduction. The organization's compensation must be included in the amount of its deduction. If your organization's compensation paid to its top executives exceeds the amount of its itemized deduction, then you may need to prepare a separate Schedule G, Schedule M, Item 8, as a return with the details on compensation paid to principal officers. The main difference between Form 990PF and Form 990-PF, Schedule P is that Form 990-PF, Schedule P is a reporting form; Form 990PF, Schedule P is a tax return. When should I file my Form 990, Schedule J? For public organizations, you should send your Form 990, Schedule J as early as possible after you file your return with your tax return (see Schedule F for a general guide to filing). In most cases, that means sending it on April 15 or earlier. However, if the organization has limited resources, and you can't afford to pay for more time, you're not required to file early, but you can opt to file as soon as you can and pay any taxes due on the forms by April 15 (See question 901). The deadline for late filing is April 15. For private organizations, if you would rather not file Form 990 but have already reported compensation on your Form 990 (Form 990-EZ), you should file a second time.

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