NAFCU's Guide to IRS Reporting for Credit Unions

Author: NAFCU
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Tax Reporting Made Simple with Help from the Credit Union Experts.

Now it's easier to comply with all the IRS reporting requirements that specifically affect credit unions. Even if you outsource some of your reporting functions, many others will still be done in-house, and you're ultimately responsible for errors and oversights.

This manual is written just for credit unions, so when you and your accountants have questions, you don't have to dig through reams of requirements. Clear guidance on when you need to file a form, how to prepare it, and what the deadlines are helps you reduce your risk of costly oversights or errors. And as ongoing changes require you to change the way you gather and file information you'll find clear examples and instructions to help ensure that every staff member can understand what's required. You get everything you need in one convenient, periodically updated resource:

The latest IRS forms
Step-by-step instructions on how to prepare them
Explanations of when you do and don't need to file a specific form, and more
Coverage of recent changes
The most commonly asked questions about IRS reporting requirements. Just look for your question, and the answer is right there

About the Authors

National Association of Federal Credit Unions (NAFCU) is the national trade association that represents federal credit unions. It was founded in 1966 with two goals: an independent federal credit union regulator and share insurance for federal credit unions.

Bill Hall is Associate Director of Taxation and Accounting at NAFCU where he assists members with IRS compliance and accounting concerns. He is a graduate of the Vermont Law School and holds a bachelor’s degree in English from Davidson College. Mr. Hall is a member of BISYS’ Standards and Practices Commission for its IRA professional certification programs, the American Bar Association, and Women in Housing and Finance.

Timothy E. McCallum is a graduate of the University of Texas at San Antonio with a bachelor’s degree in Accounting. He is a licensed Certified Public Accountant in the state of Texas and is a member of the Texas Society of Certified Public Accountants. Mr. McCallum has been in the practice of tax services since 1980 and has been admitted to federal court as an expert witness.