Boston Massachusetts Form 990 (Schedule H) 2024-2025

Boston Massachusetts Form 990 (Schedule H): What You Should Know

Attached Documents SCHEDULE H — REGISTRANT'S RESPONSIBILITY TO SHARE HISTORY (a) The information required by this schedule shall be provided on Schedule H (Form 990), line 23 by the registered owner of the business. (b) Except for self- employment income, a corporation shall not be subject to tax under this chapter unless it has filed a return on form 990, Schedule H (Form 990), as required. A corporation may be required to furnish information pursuant to section 6501(a) for a taxable year if: (1) An amount of its gross income for the taxable year has been reduced by amounts (other than taxable interest) paid or accrued during the most recent quarter as permitted by paragraph (e)(10) of this section; or (2) An amount of its gross income for the taxable year, reduced by amounts paid or accrued by or on behalf of the corporation during the most recent quarter and not required by paragraph (e)(10) of this section, exceeds 150,000. An entity described in section 1245(d)(1) shall not be subject to taxation under this chapter unless it has filed an income tax return with the Secretary, paying the amount shown and filing, to the extent the return is required by section 6501(a)(3), information required by section 6501(a) for its most recent fiscal year ending on or before June 30th, except as provided under paragraph (e)(10) of this section, to the extent those amounts are required to be returned to the Secretary to meet an audit obligation. (d) For purposes of this section, gross income excludes income for any period that an individual is a resident of the United States or the United States is a State and exempt from taxation in the State or United States. (e) The total of the amounts required to be included in the gross receipts of a corporation to which this section applies may not exceed 150,000 for a taxable year. The amounts so excluded may not be used to offset taxable interests of the corporation or any shareholder. (f) Information required to be disclosed on Schedule H (Form 990) is subject to the requirements of section 6721(b), except that the requirement that a Form W-2 be furnished in lieu of the Schedule H for any taxable year is not applicable.

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