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
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
1 Day ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
1 Day ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
1 Day ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
1 Day ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
1 Day ago