WASHINGTON — Some of the additional information that the IRS wants from nonfederal credit unions could be misconstrued and could disclose salary information of nonsenior executives, CUNA told the federal agency.
The trade association is especially concerned that the compensation figures of key credit union executives could be inflated if a proposed change in federal reporting requirements goes through. The IRS wants to change Form 1099 so that tax-exempt organizations would have to report nontaxable expense reimbursements that "do not reflect what most individuals consider to be compensation."
The association, in a letter from Senior Vice President sand Deputy General Counsel Mary Mitchell Dunn, also urged the IRS to set $150,000 as the minimum salary level of "key employees" that would have to be reported. The current minimum is $50,000 and the IRS is proposing a change to $100,000.
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