Update on IRS Notices Regarding Credit Unions’ Tax-Exempt Status

Last Week, Bill Cheney sent a letter to the Internal Revenue Service urging the agency to take immediate action to correct a very serious error that has resulted in the purported revocation of the tax-exempt status of a number of credit unions that have been diligently filing Form 990 information returns for years.  Credit unions in several states have received notices from the IRS’ Exempt Organization Division that they are no longer considered tax exempt organizations.  CUNA legal staff members have been on top of these developments and are pushing the IRS to correct its error as soon as possible.