Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA reminds CUs of tax Form 990 deadline
WASHINGTON (4/15/14)--With taxes on everyone's mind today, the Credit Union National Association reminds credit unions of another looming deadline: Many credit union leagues and state-chartered credit unions must file their Internal Revenue Service Form 990 for 2013 by May 15.

Those that fail to file by May 15 risk losing their tax-exempt status. Organizations will see their federal tax exemptions automatically revoked if they have not filed reports for three consecutive years, according to the IRS.
 
State-chartered credit unions are required to file Form 990 with the IRS annually, although a few states still permit group 990 filings. Federal credit unions are not required to file, since they are not subject to unrelated business income taxes.

Small tax-exempt organizations with annual receipts of $50,000 or less can file an electronic notice Form 990-N (e-Postcard). Tax-exempts with annual receipts above $50,000 must file a Form 990 or 990-EZ, depending on their annual receipts. Filing extensions are available.

The IRS, not surprisingly, has been on a roll, putting out information that might help tax filers get the job done before the deadline falls. This one might help a lot of people today: Advice to help last-minute filers avoid common filing mistakes (see resource link).
 
The tax agency also offered these recently:
  • Social media tools to help filers check their refund status and get the latest tax information (see resource link); and,
  • Details on more than 200 new IRS investigations into identity theft and refund fraud schemes (see resource link).
RSS print
News Now LiveWire
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
18 minutes ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
1 hours ago
#NewsNow: @FTC warns of government impostor scams. http://t.co/MMWBOcrqwJ
2 hours ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow http://t.co/CATF0j9ct1
2 hours ago
Need an #ICUDay focus? Try fundraising for charities, says @WOCCU #NewsNow http://t.co/M1OUjImOIu
3 hours ago