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IRS tax prep guide has tips for CUs
WASHINGTON (4/30/09)--The Internal Revenue Service has provided a preparation checklist--with some tips that are applicable to credit unions--for tax-exempt organizations filing the 2008 Form 990. Form 990 must be filed by the 15th day of the fifth month in a credit union’s accounting period. For credit unions that are calendar year filers, the form would be due May 15. The tips from the checklist that are most relevant to credit unions include:
* Determining if the organization is eligible to file the Form 990-EZ for 2008; * Reviewing the redesigned 2008 Form 990 and final instructions (released in December 2008); * Identifying the appropriate schedules to complete; * Identifying officers, directors, and key employees; * Preparing to answer new questions about governance, executive compensation and insider transactions; and * Establishing and modifying internal systems to prepare for filing season.
The notice also provides a link to a document that highlights the changes between the 2007 and 2008 versions of Form 990. For more information, use the link.
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