Credit Union Network Credit Union Report Deadlines 2014 (BY CATEGORY) Credit Union Report Deadlines 2013 sorted by date is available online in the Regulatory Compliance Publications section of the Network website, at www.mncun.org.
I. THE INTERNAL REVENUE SERVICE FORM WHO MUST FILE INFORMATION REPORTABLE WHERE FILED 2014 DUE DATE W-2 Employer required to withhold Employee name, wages, tips, other compensation, certain fringe benefits, withheld income and FICA taxes, and advance earned income credit (EIC) payments Social Security Administration and State, City or Local Tax Dept. filed electronically. Statements must be furnished to employee by Jan. 31 W-3 Employer required to withhold Reconciliation of income tax withheld Social Security Administration filed electronically W-9 Taxpayers furnish Taxpayer Identification Number (TIN) Credit union ----- correct TIN and clarify back-up withholding status 940 Employer's annual federal unemployment tax (FUTA) return Jan. 31 (if $0 balance due, then file by Feb. 10) 941 Employer's quarterly report of wages paid and payroll withholding taxes Jan. 31, April 30, July 31 and Oct. 31 (or the next business day if 945 Income tax withheld from non-payroll payments, such as pensions, annuities, IRAs, back-up withholding, and voluntary withholding on certain government payments 945-A Semi-weekly depositors are required to complete and file Form 945-A with Form 945 and CT-1. This form is used by the IRS to match tax liability reported with your deposits Jan. 31 (if deposits were made on time in full payment of the taxes for the year, returns may be filed by Feb. 10) (Same as 945) 990 State-chartered Return of organization exempt from federal income tax. NOTE: Substantial fines apply for failing to file or incomplete returns May 15 for calendar year organizations. Fiscal year organizations must file by 15th day of the 5th month after the close of the fiscal year (or the next business day if. Entities filing at least 250 returns during the calendar year and with total assets of $10 million or more must file electronically.
1042 All withholding agents 1096 Payers, brokers, trustees of IRAs, mortgage interest recipients Taxes withheld at the source from non-resident aliens, foreign corporations, foreign partnerships, and foreign fiduciaries of trusts or estates Annual summary and transmittals of Forms W-2G, 1097, 1098, 1099, 3921, 3922 and 5498 1098 Mortgagees Lenders who receive at least $600 in interest (which includes points) with respect to the borrower's mortgage 1099-A Lenders Information about the acquisition or abandonment of property that is security for a debt (e.g. credit union repossesses a vehicle being held for investment or being used in a trade or business) 1099-C Qualified discharges of indebtedness of $600 or more 1099-INT Credit unions, corporations 1099-MISC Businesses, including non-profit organizations 1099-OID Issuers of certificates of deposits if the term is more than one year 1099-R (or external plan provider) Payments of interest/dividends not including interest on an IRA or SEP, generally aggregating $10 or more Rent or other business payments or prizes and awards exceeding $600 Original issue discount aggregating $10 or more Distributions from profit sharing, retirement plans, insurance contracts, IRAs, etc. (all amounts) 1099-S Proceeds from certain real estate transactions 5498 Trustees of individual retirement accounts (IRAs) or simplified employee pensions (SEP) Participant's name and address, social security number, account balance, IRA or SEP contributions Approx. March 15 Feb. 28 (if filing with Forms 1099, 1098, or W-2G). June 2 (if filing with Form 5498) Feb. 28 or March 31 if mortgagor by Jan. 31) file electronically (to recipient by Feb. 18) June 2 ( to participant by June 2, but furnish fair market value and required minimum distribution, if applicable, by Jan. 31)
5500 Pension plan administrators and sponsors that maintain employee benefit plans subject to Title I or II of ERISA General information on the plan Center or office of plan sponsor or administrator July 31 for calendar year organizations. Fiscal year organizations must file by the last day of the 7th month after the close of the fiscal year (or the next business day if Saturday/Sunday or 972CG Credit unions that receive a notice from the IRS Information to show why penalties, which apply to information returns in the 1099 series, 1098, W-2 and W-3, should not be assessed Notice should specify when the response is due (generally 45 days from date of notice) 1120 U.S. corporations 2013 income tax returns March 15 for calendar year U.S. corporations. Fiscal year organizations must file by the 15th day of the 3rd month after the close of the tax year (or the next business day if II. NCUA FORM WHO MUST FILE INFORMATION REPORTABLE WHERE FILED 2014 DUE DATE 5300 (Call Report) Quarterly financial and statistical report NCUA Jan. 24, April 25, July 25 and Oct. 24 1305 (Share Insurance Statement) (state charters file Form 1304) Calculations of amount of insurance deposit due. Form 1305 also includes the annual operating fee for federal NCUA Approx. April 15 (credit unions with assets of $50 million or more also may have a share insurance adjustment and payment due approx. Oct. 15) Annual Audit Report Federal Supervisory Committee's annual report to credit union board NCUA Upon completion if requested
Credit Union Profile Current year's officers and shall include annual statement certifying compliance with Part 748 of the NCUA rules and Regulations NCUA (please provide officer information to MnCUN office) Within 10 days after election or appointment of management or officials or within 30 days of any change in the information previously submitted (online on NCUA Credit Union Profile or in writing if unable to do so online on NCUA Form 4501A) III. MINNESOTA DEPARTMENT OF COMMERCE FORM WHO MUST FILE INFORMATION REPORTABLE WHERE FILED 2014 DUE DATE 5300 (Call Report) Report of Annual Meeting Review of Examination State-chartered State-chartered State-chartered Quaterly financial and statistical report. Commerce may also request supplemental information Current year's officials Examination Reply Commerce Commerce and MnCUN office Commerce Same dates as required by NCUA Within 10 days after Annual Meeting (i.e. election of officials) Within 60 days of receipt of report Semi-Annual Report of the Supervisory Committee State-chartered Audit report of the Supervisory Committee Commerce Jan. 31, July 31 IV. MISCELLANEOUS FORM WHO MUST FILE INFORMATION REPORTABLE WHERE FILED 2014 DUE DATE Safe Act Audit with mortgage loan originators Each participating credit union Annual audit Dec. 31 ACH Audit Annual audit Credit union retains records Dec. 31 Dues ----- MnCUN office Jan. 31 Currency Currency Transaction Reports on FinCEN Transaction currency transactions of more than Report $10,000 Within 15 calendar days of the event
FR2910a FR2900 Credit unions with net transaction accounts less than or equal to $13.3 million and total deposits greater than $13.3 million and with the sum of total transaction time deposits less than $1.628* billion Credit unions with net transaction accounts greater than $13.3 million or with the sum of total transaction time deposits greater than or equal to $1.628* billion and the sum of total transaction time deposits greater than or equal to $290.5** million Annual Report of Deposits and Liabilities Reg D transaction accounts, other deposits and vault cash Federal Reserve Approx. July 1 Federal Reserve File weekly (due by Thursday following the Tuesday through Monday reporting week) FR2900 Credit unions with net transaction accounts greater than $13.3 million or with the sum of total transaction time deposits greater than or equal to $1.628* billion and the sum of total transaction time deposits less than $290.5** million Reg D transaction accounts, other deposits and vault cash Federal Reserve File quarterly on approx. March 27 (as of March 24), June 26 (as of June 23), Sept. 25 (as of Sept. 22) and Dec. 25 (as of Dec. 22)
Loan Application Register (LAR) Credit unions who must comply with the Home Mortgage Disclosure Act (HMDA) Covered must maintain registers collecting specific information on all home purchase and improvement loans for all completed loan applications and certain preapprovals requested NCUA March 1. Credit Card Disclosure Report Form Financial institutions who distribute their own credit card applications in Credit card program information Management and Budget, Treasury Division (651) 201-8000 Dec. 31 Income Tax With-holding Employers report of income tax withheld and W-2 reconciliation Revenue (651) 282-9999 Must file electronically or by telephone at (800) 570-3329. Annual filers by Feb. 28, quarterly filers by Feb. 28 (for combined fourth quarter/year-end return) April 30, July 31, and Oct. 31 (or the next business day if MW-R employing residents from North Dakota or Michigan Reciprocity Exemption/Affidavit of Residency for employees that do not want the credit union to withhold income tax from wages Revenue March 31 for each year or within 30 days after receiving Form MW-R from employee, whichever is later Privacy Credit union must send privacy policy N/A Must be sent annually by date selected by credit union Sales & Use Tax State sales tax collected and use tax due. Federal are exempt from sales and use tax on purchases, but still have sales and use tax for sales or leases Revenue (651) 296-6181 Must file electronically or by telephone at (800) 570-3329. For monthly filers by the 20th day of the month following the end of the reporting period. For quarterly filers by Jan. 20, April 20, July 20, and Oct. 20. For annual filers by Feb. 5 (or the next business day if Certificate of Rent Paid (CRP) Credit unions that own rental property and rent living space to people Revenue Must provide to renters by Jan. 31
Tax & Wage Detail Report TDF 90-22.50 Credit unions who have blocked property because of OFAC requirements Quarterly tax report for Unemployment Compensation Fund Annual report of blocked property Employment & Economic Development (651) 296-6141 Office of Foreign Asset Control (OFAC) Jan. 31, April 30, July 31, Oct. 31, (or the next business day if Sept. 30 Unclaimed Property Reports UP-S, UP-C, UP-SD Report of unclaimed property pursuant to unclaimed property law Commerce Unclaimed Property Section (651) 296-2568 Oct. 31 for property held as of June 30, 2011 Credit Card Agreements All card issuers with 10,000 or more credit card accounts Quarterly submission or agreements to Consumer Financial Protection Bureau Consumer Financial Protection Bureau Jan. 31, April 30, July 31, and October 31 * Effective as of the September 2014 report the $1.628 billion reduced reporting limit will increase to $1.719 billion. ** Effective as of the September 2014 report the $290.5 million nonexempt deposit cutoff level will increase to $306.7 million.