Credit unions that received a notice from the IRS informing them that their tax-exempt status had been revoked due to improper filing now have specific instructions on how to have it restored.

Lois Lerner, IRS director of exempt organizations, addressed three instances of tax-exempt revocation.

In the case of state-chartered credit unions that had group Form 990 returns filed by a parent organization on their behalf, the IRS admitted it had erroneously notified credit unions their tax-exempt status had been revoked. As such, they are not required to apply for recognition exemption.

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Credit Union Management
Regulatory & Compliance