WASHINGTON—The House has passed two tax-related bills, one of which adds new requirements for organizations regarding electronic filing of tax returns, while the other would help protect children from having their identities stolen.
HR 5443 would amend the Internal Revenue Code of 1986 to require electronic filing of the annual returns of exempt organizations and provide for making such returns available for public inspection, as amended.
Specifically, it would extend the requirement to “e-file” to all tax-exempt organizations required to file statements or returns in the Form 990 series. It would also require that the IRS make the information provided on the forms available to the public in a machine-readable format as soon as possible, CUNA explained.
State-chartered credit unions, CUNA and leagues all file IRS Form 990s. Federal credit unions would not be impacted by this legislation, CUNA noted.
The Protecting Children from Identity Theft Act (HR 5192) would direct the Social Security Administration to electronically verify for financial institutions whether or not a Social Security Number, name and date of birth are affiliated with an applicant or potential member, added CUNA.