This article provides an overview of the Black Lung Benefits Revenue Act of 1977, explaining who must file Form 990-BL and the corresponding reporting requirements, the filing process, public inspection requirements, and any associated penalties.
What is Form 990-BL?
Form 990-BL is used by black lung benefit trusts to meet the IRS reporting requirements for section 6033 of the Internal Revenue Code. Trusts may be required to file Form 990-BL, and attach Schedule A (Form 990-BL) if initial taxes are imposed. Information reported on the form and attached schedules may be subject to public inspection, with the exception of Part IV of Form 990-BL and Schedule A (Form 990-BL), if filed by a trustee or disqualified person. Penalties may apply for failure to file, incomplete filing, fraudulent filing, or failure to make available for public inspection.
IRS Form 990-BL – Who Needs to Fill It Out?
IRS Form 990-BL is used by black lung benefit trusts to meet the reporting requirements of the United States Code. The trustee of the trust must generally file the form unless the trust’s gross receipts are less than $50,000 per year. In such cases, the trustee must file an annual electronic notice. Initial excise taxes imposed on black lung benefit trusts, trustees, and other related parties must also be reported on Schedule A (Form 990-BL). Any organizations liable for taxes imposed by sections 4951 and 4952 must fill out the form and attach a completed Schedule A. Form 990-BL, as well as any accompanying documents, are subjected to public inspection for the purposes of review. Exempt organizations must make the form available for public inspection during regular business hours at the trust’s principal office and regional or district offices for a period of 3-years. Failure to do so may result in a penalty involving up to $20 per day.
Step-by-Step: Form 990-BL Instructions for Filling Out the Document
Form 990-BL is used by black lung benefit trusts to meet the reporting requirements of section 6033. The initial excise taxes imposed on black lung benefit trusts, trustees, and disqualified persons under sections 4951 and 4952 are reported on Schedule A (Form 990-BL). The return must be on the basis of the established annual accounting period of the organization or the calendar year, and it must be filed on or before the 15th day of the 5th month following the close of the filer’s tax year. Penalties may be imposed for failure to file, or filing fraudulent returns and statements, and Form 4506-A can be used to request public inspection or copy of the return. Additionally, organizations must make their return available for public inspection for 3 years, and may charge a reasonable fee for providing copies.
Below, we present a table that will help you understand how to fill out Form 990-BL.
| Information Required for Form 990-BL | Details |
|---|---|
| Form Purpose | Used by black lung benefit trusts to meet reporting requirements of section 6033. |
| Excise Taxes | Initial excise taxes imposed on black lung benefit trusts, trustees, and disqualified persons under sections 4951 and 4952 are reported on Schedule A (Form 990-BL). |
| Filing Deadline | The return must be on the basis of the established annual accounting period of the organization or the calendar year, and it must be filed on or before the 15th day of the 5th month following the close of the filer’s tax year. |
| Penalties | Penalties may be imposed for failure to file or filing fraudulent returns and statements. Form 4506-A can be used to request public inspection or a copy of the return. |
| Public Inspection | Organizations must make their return available for public inspection for 3 years and may charge a reasonable fee for providing copies. |
Do You Need to File Form 990-BL Each Year?
Trusts that are exempt from tax under section 501(a) and described in section 501(c)(21), with normally gross receipts in each tax year of $50,000 or more, must file Form 990-BL each year, unless they file an Annual Electronic Notice instead. Trustees and disqualified persons liable for sections 4951 or 4952 taxes must complete the heading and signature areas of the form, and attach a completed Schedule A (Form 990-BL) to report the taxes owed. The IRS may impose a fine of $20 for each day the form is not filed, and a maximum penalty of $10,500 (or $53,000 for a large organization) for failure to file. The public may inspect and request copies of the Form upon request, for which an organization may charge a reasonable fee.
Download the Official IRS Form 990-BL PDF
On the official IRS website, you will find a link to download Form 990-BL. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 990-BL
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