SACRAMENTO, Calif. — The California Department of Financial Institutions announced in a bulletin last month that it would no longer be filing a group IRS 990 form for state chartered credit unions.

The bulletin read, "Due to significant changes by the IRS, the DFI will no longer file the Group Return for Credit Unions." The department said it was primarily done as an accommodation for credit unions, particularly smaller ones.

However, DFI stated, "The return's growing complexity, liability, and costs to the DFI led to the decision. Many other state credit union regulators have discontinued the group filing. Accordingly, each state-chartered credit union will be responsible for filing its own Form 990 beginning with the 2007 tax year."

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