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.
Galveston credit union saved taxpayers $37,000 in fees and nearly $270,000 in credits in its first year in return prep program.
North Carolina CU assisted with nearly 48,000 free returns this year, up from 35,000 last year.