WASHINGTON–Three state credit union regulators recently announced that they will no longer be filing a consolidated IRS form 990 for their respective state chartered credit unions.
Missouri's Division of Credit Unions sent a letter to credit unions informing them that they would no longer be filing consolidated IRS 990s for the 2007 tax year and beyond. "To this date, the Division had been one of the few state regulators that have continued to file this on behalf of credit unions. External issues have brought the Division to this decision," the Missouri letter read."The Form 990 is an informational return about a non-profit entity where the Form 990-T includes the calculation of a potential tax called the Unrelated Business Income Tax (UBIT)."
Virginia and Wisconsin are the other two that will stop the practice. Wisconsin's Department of Financial Institutions further explained that the proper filings will be part of the management component of the state tax examination.
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