Ending credit unions federal tax exemption would cost the country billions in lost revenue and jobs, according to a study commissioned by NAFCU.
Letter lays out how credit unions told they have no tax exemption can prove that's not so.
CUNA, NASCUS, CUNA Mutual Group and AACUL ask IRS to make sure not to repeat last year's kerfuffle.
With some recent suggestions from both CUNA and NAFCU, the IRS may be one step closer to providing guidance on determining whether a retirement plan offered by federal credit unions are considered a governmental plan under the Internal Revenue Code.
Record-keeping error led to letter to several dozen credit unions saying they were no longer tax-exempt.
The Internal Revenue Service recently announced that it plans to issue proposed regulations to clarify how 457 Plans are used.
This article will be among the news, features, analysis and insight filling the pages of the next print edition of Credit Union Times.
Some state-chartered credit unions have been told by the Internal Revenue Service that they are no longer tax exempt because the IRS hadn’t received their 990 forms.
Agency says not filing forms threatens tax-exempt status for some state-chartered CUs.
State-chartered CUs told problem is with filing Form 990.