Some state-chartered credit unions have been told by theInternal Revenue Service that they are no longer tax exempt becausethe IRS hadn't received their 990 forms.
|News Update
Feb.8, 2012: IRS Reverses Course, Cites Record-KeepingError
The IRS included several dozen credit unions on its list oforganizations that would lose their tax-exempt status because theagency hadn't received the forms. State regulators used to filethese forms in a group on behalf of state-chartered credit unionsbut stopped providing this service.
|According to the Texas Credit Union League and NAFCU, in someinstances the IRS has also questioned why some federal creditunions haven't filed a Form 990, even though federal credit unionsare exempt from this requirement.
|The IRS also questioned why federal or state credit unions havefailed to apply to the IRS for tax-exempt status, even thoughcredit unions are automatically tax exempt and don't have to applyfor it.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
