PRESS RELEASE
July 8, 2008
ARLINGTON, Va. — Ongoing developments with unrelated business income tax (UBIT) have kept this issue on the top of many credit union executives’ minds. Internal Revenue Service (IRS) filings, accounting methods and pending litigation are all part of this very complex issue. Whatever the outcome of the pending litigation, UBIT will continue to impact state-chartered credit unions. As such, UBIT remains a priority issue for NASCUS and is a featured discussion topic at the 2008 NASCUS State System Summit.
At the NASCUS 2008 State System Summit, August 21-23 in Seattle, UBIT and related topics will be the focus of two sessions. Community First Credit Union President/CEO Catherine Tierney will join a member of the UBIT Steering Committee to discuss her credit union’s recent UBIT litigation against the IRS. The lawsuit, the first of its kind, was filed January 15, 2008. Since then, one other lawsuit has been filed, and the UBIT Steering Committee expects additional lawsuits to be filed. The session will include discussion about challenging IRS decisions and Community First’s lawsuit.
Kevin Fincher, CPA and partner at Clifton Gunderson, will lead the additional session on UBIT. In this breakout, Fincher will review the latest updates regarding UBIT and credit union filing requirements. Topics will include recent IRS developments, rate arbitrage and specified payments from controlled entities and the use of unrelated business losses to offset unrelated business income. He will also discuss charitable contributions and royalty income as well as debt cancellation income. Further, the breakout will address methodologies for reasonable cost allocations and helpful planning ideas to reduce UBIT liability.
In addition, Fincher will review reporting requirements under FIN 48 and the newly revised IRS Form 990, Return of Organization Exempt From Income Tax. This discussion is relevant not only for credit unions new to filing this Form 990 return, but for any credit union executive that needs an update on the form’s significant changes.
A full Summit agenda and additional information can be found on NASCUS’ Web site by clicking here.
Information
Contact:
Kate Hartig, Director, Communications and Public Affairs,
(703) 528-0669 or kate@nascus.org
The
NASCUS mission is to enhance state credit union
supervision and advocate a safe and sound state
credit union system.
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