The increase comes as the result of a five-year phase out of a tax provision designed to help credit unions compete with big banks.
The NWCUA has sounded the alarm about three bills that aim to tax many credit unions and implement new regulations.
Excise tax measure would apply to any credit union holding commercial loans in excess of 10% of its assets.
Texas, Florida gain residents as New York and California lose.
Credit unions that received a notice from the IRS informing them that their tax-exempt status had been revoked due to improper filing now have specific instructions on how to have it restored.
The 70,000-member, $1.7 billion Technology Credit Union of San Jose, Calif., has broken new ground in its attempt to convert to a mutual bank charter.
Tax season can be a daunting time of year for credit union members. Some, who view their annual refund as a much-needed source of extra cash, want to maximize their refund opportunities. Others, who owe taxes, may be wondering how they’ll afford payments. To ensure the process runs smoothly regardless...