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.
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.