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Washington
IRS Reminds CUs Of May 15 Form 990 Deadline
WASHINGTON (5/13/13)--State-chartered credit unions and other tax-exempt organizations must file their 990 forms by May 15 or risk losing their tax-exempt status, the Internal Revenue Service reminded on Friday.

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.

"Organizations will see their federal tax exemptions automatically revoked if they have not filed reports for three consecutive years," the IRS wrote.

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.

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