Some state-charted credit unions have been told by the Internal Revenue Service that they are no longer tax exempt because the IRS hadn't received their 990 forms.
The IRS included several dozen credit unions on its list of organizations that would lose their tax- exempt status because the agency hadn't received the forms. State regulators used to file these forms on behalf of state-charted credit unions but stopped providing this service.
Executives of CUNA and NAFCU said that most of the credit unions had in fact turned in forms, but the IRS' inadequate recordkeeping caused the mix up.
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.
