Reminder: IRS Form 990 Due by State Charters on 5/15 Posted by Association of Vermont Credit Unions on 1:42 PM

State-chartered credit unions and other tax-exempt organizations must file their 990 forms by May 15th or risk losing their tax-exempt status. State-chartered credit unions are required to file Form 990 with the IRS annually. Federal credit unions are not required to file since they are not subject to unrelated business income (UBIT) taxes.

Organizations may have their federal tax exemption automatically revoked if they haven't filed reports for three consecutive years. 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 $50,000 must file a Form 990 or 990-EZ, depending on their annual receipts. Filing extensions are available. Additional information is available on the IRS Web site.