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Tax Planning
Our tax experts can help you navigate through the dramatic changes to Form 990 as well as the many changes in state taxation. They can help you balance the impact of income opportunities with the regulations that govern your tax exempt status.

Tax Consulting

Tax strategies to help credit unions comply with ever-changing requirements

In response to requests from the federal government and the legislature for more transparency from not-for-profits and tax-exempt organizations like credit unions, the Internal Revenue Service (IRS) has revised Form 990.

Their request for more information is coming at the same time that public interest is at an all time high. People want to know how financial institutions like credit unions are conducting their business. For instance, the revised Form 990 requires detailed compensation information on members of the supervisory committee and credit union officers. The new Form 990 contains 16 schedules that may need to be completed; some of these schedules call for greater attention to related entities and transactions with interested persons.

Are you ready for the changes in Form 990?

These changes to Form 990 are the most dramatic in more than 25 years -- are you ready to comply? And what kind of story do you want to tell your members and the regulators?

We have tax professionals who understand credit unions. They stay on top of regulatory and legislative issues as well as trends. Therefore, they will come to your engagement knowing that unrelated business income tax (UBIT) reported on Form 990-T is a hot issue.

The Credit Union National Association (CUNA) is asking the IRS to clarify its position on UBITs, and several credit unions have pending court cases to help clarify what is considered unrelated business income. 

Tax considerations for tax-exempt credit unions

Our tax planning professionals are well prepared to help you with tax compliance issues, tax consulting, and strategy. Tax planning is important as you decide how you want to raise money to keep your credit union financially stable and able to fulfill its exempt purposes.

If you are considering adding to your credit union services and perhaps increasing your liability for UBITs or joining a Credit Union Service Organization (CUSO) to better serve your members and promote growth, we can help you look at the tax consequences. Our tax professionals can develop models of various options so that you can develop a plan that includes minimization of your tax liability and maximizes cash flow.

“Plante Moran accountants always provide us with useful and innovative recommendations. They have gone beyond just validating our financial records by suggesting ways to contain our transportation costs and better manage risk. They offered us successful approaches to our complicated tax issues and served as trusted advisors during an ownership change. We have learned to depend on them for expertise to enhance the value of our companies.”

Gary Houtz, CFO
The Columbus Serum Companies