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CUs Must File IRS Forms by Thursday

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.

By Claude R. Marx | Updated on May 13, 2008

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.

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