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CUNA offers Form 990 webinar analysis
WASHINGTON (9/15/08)—The Credit Union National Association (CUNA) is offering a Nov. 11 webinar to explain the revised Internal Revenue Service (IRS) Form 990 and has posted a final rule analysis of agency’s instructions to the new form. The webinar will also include an update on what is happening regarding Unrelated Business Income Tax (UBIT) issues for credit unions. State-chartered credit unions are required to file Form 990-- Return of Organization Exempt from Income Tax--with the IRS annually, although a few states still file a group 990. Organizations must report compensation of executives including officers, directors and "key employees." The new form will be used for the 2008 tax year, by mid-May 2009. The accompanying instructions include changes in content and format and provide additional examples to explain the instructions. In its analysis, CUNA noted:
* The instructions provide definitions and examples of the two types of compensation required to be reported, “reportable compensation” and “other compensation.” * The new instructions define “key employee” for purposes of reporting executive compensation as an employee, officer, director and trustee, who had reportable compensation exceeding $150,000, had organization-wide responsibility over at least 10 percent of the organization’s activities, and was one of the organization’s top-20 highest paid employees. * The term “officer,” for purposes of reporting executive compensation, is clarified to include both the top financial official as well as the top management official. * If an organization’s board delegated broad authority to act on its behalf to an executive committee, the instructions state that the organization should describe the composition of the committee, whether any of the committee’s members are not on the board and the scope of the committee’s authority. * Smaller organizations will have a three year period to transition to the new form. * There were no material changes to the instructions for filing group returns and the IRS indicated for at least the 2008 tax year (for returns filed in 2009), it will continue to allow group filings.
Use the resource links below to register for the CUNA webinar and to read the full analysis.
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