CU Exempt Status Revocations

January 13, 2006

In the category of “What can go wrong,” the IRS has notified at least 20 federal credit unions and 239 state-chartered credit unions that their tax-exempt status has been revoked.  The reason:  the credit unions failed to file their Form 990 for three years in a row.  Under the Pension Protection Act of 2006, failure to file for three consecutive years results in automatic revocation.

Read More

‹ First  < 6 7 8