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News Now

CU System
Texas commission to discontinue consolidated 990 filings
FARMERS BRANCH, Texas (10/28/08)--The Texas Credit Union Commission has voted to discontinue the Texas Credit Union Department’s (TCUD) consolidated filing of Internal Revenue Service (IRS) form 990, effective next year, according to the Texas Credit Union League. The league asked the department to reconsider its proposal after the department received more than 50 letters about the change (LoneStar Leaguer Oct. 27). “This change is driven by the IRS and its new form, not by the Texas Credit Union Department,” said Dick Ensweiler, president/CEO of the Texas league. “The new form makes consolidated filing extremely challenging.” The TCUD will file a group form next spring for all state-chartered credit unions that want to be included. The filing will cover 2008, but credit unions must prepare their own individual Form 990s in 2010 for the year 2009, the league said. The Texas league has offered training sessions for the new 990 form and plans more for the future.


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