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The American Institute of CPAs is asking the Internal Revenue Services to make some changes to a form that tax-exempt groups use to report on transactions with “interested persons.”

Troy Lewis

The AICPA submitted comments Wednesday to the Internal Revenue Service (IRS) on Form 990, Schedule L, Transactions with Interested Persons, and the related instructions. The schedule is used to report on any financial transactions that a tax-exempt nonprofit has with any person who might in the past five years have been in a position to exert substantial influence over the organization’s decision-making.

In the May 11 comment letter, the AICPA requests that the IRS provide additional guidance on “reasonable efforts” that must be taken to satisfy the Schedule L requirements that are related to identifying and obtaining information on reportable transactions from “interested persons.” The AICPA also requested that the IRS revise the definition of “interested persons” for purposes of Schedule L.

“The AICPA strongly urges you to remove substantial contributors from the list of interested persons in the Schedule L instructions,” wrote AICPA Tax Executive Committee chair Troy K. Lewis. “This change will eliminate the disclosure of substantial contributors, who are considered interested persons, in the current Schedule L instructions and in the questionnaire to meet the reasonable effort requirements.”

Lewis added, “If you decide not to change the list of interested persons as recommended, we respectfully request a revision to the Schedule L instructions to include alternative methods to achieve reasonable efforts in relation to interested persons who are substantial contributors. For example, redact the substantial contributor names if a disclosure is needed, and narrow the types of transactions from a substantial contributor that would require disclosure.”

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