INSTRUCTIONS FOR PREPARING AND SENDING THE IRS FORM 990 TO THE CREDIT UNION DEPARTMENT
INTRODUCTION: Our records indicate that your credit union has elected to be included in the 2008 consolidated group 990 filing with the Internal Revenue Service. As a condition of participation, you have agreed to assemble and provide all required information, with respect to your credit union, for inclusion in the Group Return. In order to ensure the timely filing of the Group Return, it is critical that we receive complete and accurate information from each credit union as detailed below. THE PROCESS: This year, each participating credit union will be required to complete the IRS form 990 on-line and email the completed form to betsy.loar@tcud.state.tx.us. Having the forms completed in the on-line format will more easily allow the Department to compile the information as instructed by the IRS for group returns. Credit unions that do not have Internet access should immediately contact the Department to make alternative arrangements to submit the completed Form 990. To download forms that can be completed on-line, go to
http://www.irs.gov/formspubs/lists/0,,id=97817,00.html or http://www.irs.gov/pub/irs-pdf/f990.pdf. The first link has instructions for using Adobe to download and complete the forms. The second link takes you directly to the forms with interactive fields. Using these forms allows you to complete them on-line, save the information, and email the result to the Department. In addition to completing the Core Form 990, you will need to complete any schedules that are applicable to your credit union.
DUE DATE: The completed 990 form for your credit union must be emailed to the Department by 5:00 pm on Friday, March 6, 2009. Any credit union that fails to submit the completed form to the Department by that date will be assessed a $100 penalty for each day the form is delinquent. Partially completed forms will be returned to the credit union for completion and subject to the late penalty assessment. ADDITIONAL INFORMATION: The Department cannot provide tax advice to any credit union but there are many resources available to help you with the process. The Department’s website (www.tcud.state.tx.us) contains an IRS Form 990 Resources link to some of these resources, including training and frequently asked questions. We will update the Resources link as more information is obtained. You should also watch the Department’s newsletters for additional information.