SACRAMENTO, Calif. — The California Department of Financial Institutions announced in a bulletin last month that it would no longer be filing a group IRS 990 form for state chartered credit unions.
The bulletin read, "Due to significant changes by the IRS, the DFI will no longer file the Group Return for Credit Unions." The department said it was primarily done as an accommodation for credit unions, particularly smaller ones.
However, DFI stated, "The return's growing complexity, liability, and costs to the DFI led to the decision. Many other state credit union regulators have discontinued the group filing. Accordingly, each state-chartered credit union will be responsible for filing its own Form 990 beginning with the 2007 tax year."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
