In a letter to the Acting Commissioner of the Internal Revenue Service (IRS) David Kautter, Senator Orrin Hatch (R - UT) called on the IRS to require "the largest federal credit unions or those with expanded commercial activities or fields of membership" to file Form 990 informational returns.
Currently, federal credit unions are exempt from filing Form 990 informational returns, in part because they are regulated by the National Credit Union Administration and are not subject to Unrelated Business Income Tax (UBIT).
Senator Hatch wrote that "federal credit unions have grown in size and complexity" and it is possible that the credit union tax exemption is no longer warranted for at least some credit unions.
Senator Hatch noted that it is the IRS' responsibility for monitoring and judging whether federal credit union activities still meet their tax exempt purpose.
Requiring large or complex federal credit unions to file Form 990 information returns would improve transparency and accountability, as the credit union business model has significantly evolved.
The filing of the Form 990 would provide needed insights into federal credit union activities and practices.
Read the letter.
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“...expanding the requirement to (big) credit unions would lead to better insight into their activity...”.
ReplyDeleteA perfect example of how corrupt and useless congress has become.
More insight...really?
Just look at a perfunctory high level review any 12 year old could pull together of call reports.
Why do credit unions do call reports?
Why won’t you just look at a summary of the information that’s there.
BIG CUS ARE BANKS THAT DONT PAY TAXES..
we are a small CU and we are very different from big ones.
You won’t deal with this because you want the money from lobbyists.
The money you get from banks and credit unions for years.
I agree with above comment.
ReplyDeleteThis shows how bad congress has become. The publicly put forth their muscle in ways that people see as silly and useless while they get greased by lobbyists and are delusional to think they’re accomplishing something.
As if we don’t know they’re corrupted by lobbyists like Cuna and icba.
Meanwhile Americans pay taxes and large credit unions don’t.
Vote them all away.