Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
IRS issues instructions for new Form 990
WASHINGTON (8/21/08)--The Internal Revenue Service (IRS) Tuesday released revised instructions that will be needed by tax-exempt organizations to fill out the tax agency’s redesigned Form 990. The new IRS form, Return of Organization Exempt from Income Tax, is effective for the 2008 tax year, for returns filed in 2009. 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. The new instructions are more comprehensive than earlier ones and have been modified to reflect the new format of Form 990. The Credit Union National Association is currently executing an in-depth review of the instructions to see how they will affect credit unions. CUNA had expressed concern about that the changes to the instructions for filing the IRS form when they were proposed. CUNA warned the new form, when used to report the pay of executives at state-chartered credit unions, could result in filers reporting "inflated figures" that do not reflect true compensation. Use the resource link below to access the IRS instructions.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
22 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
23 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
1 Day ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
1 Day ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
1 Day ago