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News Now

Washington
New IRS filing requirements for some state-chartered CUs
WASHINGTON (2/6/08)—A new Internal Revenue Service filing requirement kicks in this year for small state credit unions that have not been obliged to file IRS Form 990s or 990-EZs. Small credit unions with "gross receipts" of $25,000 or less are now required to electronically file Form 990-N or e-Postcard. “It is important for state-chartered credit unions to be aware of the rule change, and our analysis indicates that about 350 will be affected by the new requirement,” Lilly Thomas, assistant general counsel for the Credit Union National Association, said Tuesday. A CUNA Final Rule Analysis defines gross receipts as the total amounts an organization received from all sources during its annual accounting period, without subtracting any costs or expenses. Credit unions that are required to file the e-Postcard should have received a notice from the IRS informing them of their requirement. CUNA warns credit unions that failure to file a required e-Postcard for three consecutive years will result in the loss of tax-exempt stautus. The form is due by the 15th day of the fifth month after the close of the organization’s tax period. For example, if their tax period ends on Dec. 31, 2007, the form is due May 15, 2008. There are a few exceptions for organizations not required to file Form 990 or Form 990-EZ that have gross receipts of less than $25,000, and would not be required to file the new e-Postcard (new Internal Revenue Code Section 6033(i)). These include federal credit unions as well as credit unions that are included in a group 990 return. To read the full CUNA analysis, use the resource link below.


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