WASHINGTON — Credit unions have until Thursday to send in their form 990 to the Internal Revenue Service, stating that they are exempt from federal income tax.
This is the first year that many individual credit unions must file the form themselves, rather than having state credit union leagues file one form for all the state-chartered credit unions. The IRS has said that having each credit union file forms will make it easier for them to determine if they are offering services that are subject to the unrelated business income tax. However, a handful of leagues are continuing to file group 990s.
A lawsuit filed by Community First Credit Union challenging the UBIT will be heard in a federal courthouse in Wisconsin next May.
Those credit unions with annual gross receipts of $25,000 or less must submit Form 990-N electronically with the IRS by Thursday, it is the first time that organizations of that size have an annual filing requirement.
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