Form 990 (Schedule M) Minnesota 2024-2025

Form 990 (Schedule M) Minnesota: What You Should Know

Schedule M itemizing expenses and receipts is one of the many forms required by the IRS. If the organization is self-employed, it must have a federal tax return filed and has a federal employer identification number (EIN) to report all of its business income and expenses and pay self-employment taxes with Schedule EZ. The Form 990 Schedule M is also one of the forms required by the Minnesota Department of Revenue to disclose and keep track of gifts accepted by an organization. An organization that is not a private foundation, school, community foundation, religious school or community development nonprofit must have an annual grant or donation report filed with the state. The Form 990 must show the amount of all tax-exempt donations, gifts or grant-in-aid received during the reporting period. The Form 990 Schedule M may be filed under Schedules M-I and M-II. Schedule M (Form 990) is one of the forms that must be filed with the Minnesota Secretary of State in order to make any taxable donations to any federal or state 501(c)(3) organizations. The Form 990 Schedule M is a requirement, unless the donation is made directly to the Minnesota State Library or the Minnesota Symphony Orchestra by a governmental unit or agent. All forms are subject to audit. Nonprofit 501(c)(3) Information Form The Form 990 Schedule M of the Minnesota Department of Revenue must be filed for Schedule O. Schedule M-I for all non-profit organizations must have had: Assets valued at 25,000 or more Revenue of 15,000 or more on an annual basis If an organization is a business organization, it does not need a state tax return filed because it is operating under Section 501(c)(3) and not a private foundation (Section 501(c)(3) of the Internal Revenue Code) as a Section 501(h), (5) or (17), (26) and/or (67) tax-exempt charitable organization. For these organizations only, Schedule M (Form 990) is used. For more info on Schedule M and other forms, read How to File Form 990 for Nonprofits in Minnesota, Tax Guide for Nonprofits, IRS Publication 523, Tax Information on Your Public Financial Disclosure, and Filing Guide for Non-Profit Organizations in Minnesota. All types of non-profit organizations must have an annual report filed with the state.

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