first_img continue reading » The IRS has revoked the tax-exempt status of a financially troubled California credit union.The $590,634 Jones Methodist Church Credit Union in San Francisco, chartered in 1953 for its members who were being redlined or charged with unfair interest rates by banks, had its tax-exempt status automatically pulled on May 15, 2017 after the cooperative failed to file its Form 990 for three consecutive years.The last time Methodist Church CU submitted its Form 990-N to the IRS was for tax year 2013, according to the federal agency. When a nonprofit organization, including any state-chartered credit union, fails to submit a Form 990 for three consecutive years, that organization’s tax-exempt status is automatically revoked.California credit unions are required to incorporate under the nonprofit mutual benefit corporation law, which makes a credit union eligible to apply for tax-exempt status. However, the state’s law does not require credit unions to have tax-exempt status,  Lila Mirrashidi, California DBO’s deputy commissioner, said. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img