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Washington
CUNA calls for comments on IRS Form 990 changes
WASHINGTON (7/18/11)--Should the Internal Revenue Service’s (IRS) employee compensation-reporting thresholds be changed? The Credit Union National Association (CUNA) is seeking credit union input for this and other questions related to the IRS’s recent changes to its Form 990. State-chartered credit unions are required to file Form 990 with the IRS annually, although a few states still permit group 990 filings. Federal credit unions are not required to file, since they are not subject to unrelated business income taxes. The IRS made widespread changes to its Form 990 in 2008, and continues to gradually revise portions of the form. The IRS requires Form 990 filers to disclose the names and compensation of certain key employees, their highest compensated employees, any independent contractors that work for the firm, and former high ranking or key employees. However, the reporting thresholds for these positions differ somewhat from position to position. Some have criticized these reporting requirements, claiming that they decrease transparency. Others believe a single, uniform reporting threshold should be adopted. The IRS and CUNA are also seeking input for portions of Form 990 that relate to net asset reconciliation, audited financial statement reporting and related organization reporting. The IRS will accept public comments until Aug. 1. Comments should be sent to CUNA by July 25. For the full comment call, use the resource link.


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