WASHINGTON (10/15/09)--The Internal Revenue Service (IRS) announced its launch of a new case study and video program to help exempt organizations and their tax preparers better understand the revised Form 990 series, which must be filed for the 2008 tax year. State-chartered credit unions are required to file a Form 990 (unless included in a group 990), and must file it by the 15th day of the fifth month after the end of its fiscal year. For state chartered credit unions that are calendar year filers, the 2008 form was due May 15, but credit unions that filed for an extension may find the new IRS information helpful in understanding the revised reporting requirements. In April, the IRS provided a preparation checklist for tax-exempt organizations filing the Form 990 (see resource link below). 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 new IRS video is intended to illustrate key points and answer important questions about the new Form 990, revised for the first time in 30 years. Use the link below to access the IRS video help. http://www.irs.gov/charities/article/0,,id=210358,00.html