WASHINGTON — The IRS is currently circulating proposed updates to its Form 990 for tax-exempt organizations, which has not been touched since 1979.
Credit unions are required to file the form though NCUA files a group 990 for all federal credit unions and 14 state supervisors file group returns on behalf of the credit unions in their states. All other state charters must file their own forms though some state leagues have been given approval to file group returns, according to the 2005-2006 NASCUS Profile of Credit Union Supervisory and State Regulatory Structures.
"We need a Form 990 that reflects the way this growing sector operates in the 21st century. The new 990 aims to give both the IRS and the public an improved window into the way tax-exempt organizations go about their vital mission," IRS Acting Commissioner Kevin Brown said in an agency newsletter. The new form was created with an eye toward enhancing transparency, promoting compliance, and minimizing burden.
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CUNA Senior Vice President for Compliance Kathy Thompson said, "We will be taking the closest look at the compensation disclosures, an area of interest for credit unions; the IRS is now proposing to report on the 990 form the information provided on W-2 and 1099 forms." She added that the 15 proposed schedules would apply to few, if any, state chartered credit unions, but CUNA will review them carefully.
NASCUS is also going over the proposal with a fine-tooth comb with its state regulators and members of the Credit Union Advisory Council, according to President/CEO Mary Martha Fortney.
Comments are due Sept. 14.
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