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News Now

Washington
Inside Washington (01/21/2011)
* WASHINGTON (1/24/11)--The Internal Revenue Service (IRS) last week increased the gross receipts threshold under Form 990, Return of Organization Exempt From Income Tax, to $50,000. The previous threshold was $25,000. 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. Small tax-exempt organizations with annual receipts of $50,000 or less can file an electronic notice Form 990-N (e-Postcard). Tax-exempts with annual receipts above $25,000 must file a Form 990 or 990-EZ, depending on their annual receipts.Any tax-exempt organization that has not filed the required form in three consecutive years automatically loses its tax-exempt status, effective as of the due date of the annual filing... * WASHINGTON (1/24/11)--Braced for a tough battle, the banking industry remains intent on weakening, delaying or repealing interchange fees proposed by Sen. Richard Durbin (D.-Ill.) as part of the Dodd-Frank Act before the changes go into effect in July. The latest proposal by the Federal Reserve board would cap the fees merchants pay at 12 cents per transaction. In a speech on the Senate floor last month, Durbin pledged to stand by his proposal. Since then, Visa has announced it would offer a two-tiered interchange rate schedule for large and small financial institutions. Under the law, financial institutions under $10 billion are exempted from the Fed’s regulation. Durbin said Visa’s announcement counters the banking industry’s argument that small financial institutions will have to be held to same standards as large larger banks. But both Republican and Democrat lawmakers have voiced objections to Durbin’s proposal. Among them are House Financial Services Committee Chairman Spencer Bachus (R-Ala.); former committee chair Rep. Barney Frank (D-Mass.); and more than a dozen senators. For the Credit Union National Association’s view, see the related News Now story “Cheney backs CUs, consumers in recent media coverage” …


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