Internal Revenue Service

• Borinquen FCU Fraud Plot Thickens; Unnamed Board Member Allegedly Stole $500,000

  By Heather Anderson  |  September 5, 2012

  Defunct Philadelphia credit union's manager pleads guilty, faces Dec. 7 sentencing on charges that include embezzlment, drug dealing.

• IRS Advice on Tax-Exemption Snafu

  September 2, 2012

  Credit unions that received a notice from the IRS informing them that their tax-exempt status had been revoked due to improper filing now have specific instructions on how to have it restored.

• CU CEO Who Failed to Show for Embezzlement Hearing Found in Jail

  By Heather Anderson  |  August 30, 2012

  Ignacio Morales, former manager of the failed $7 million Borinquen FCU in Philadelphia, had a good reason to not show up in court on embezzlement charges.

• IRS Tells CUs How to Resolve Tax-Exempt Snafu

  By Heather Anderson  |  August 27, 2012

  Letter lays out how credit unions told they have no tax exemption can prove that's not so.

• Trade CEOs Received Pay Raises in 2011, Per IRS 990 Forms

  By Heather Anderson  |  August 16, 2012

  NAFCU's Fred Becker made $645,998 last year; CUNA's Bill Cheney came in at $1,129,651.

• People 8-8-12

  August 5, 2012

• Congress Passes Bill to Enable Pension Funding of Life Insurance Purchases

  By Arthur D. Postal  |  July 3, 2012

  Sponsors of defined benefit pension plans will be able to use excess money in their plans to fund the purchase of life insurance for their retirees for the first time.

• House Kills FSA 'Use-or-Lose' Rule

  By Jenny Ivy  |  June 8, 2012

  Despite a White House veto threat, the House on Thursday approved amending a 28-year-old rule requiring flexible spending account users to forfeit unused balances

• Former Arizona Congressman Gets Prison Sentence for Charity Fund Abuse

  By Michelle A. Samaad  |  June 5, 2012

  Former legislator used credit union accounts to commit fraud.

• Directed Health Plans Gain

  By Myriam DiGiovanni  |  May 29, 2012

  Consumer-directed health plans have slowly been gaining appeal among employers and employees alike as a way to fight rising health care costs.