WASHINGTON — With next May's trial date in place for the lawsuit over the unrelated business income tax, credit union industry officials say there will be additional attempts to challenge the IRS' interpretation of the law.
CUNA Executive Vice President and General Counsel Eric Richard said there will be another lawsuit filed “within the month,” though he declined to reveal which credit union will file it.
He noted that state-chartered credit unions need the issue cleared up because of the high amounts some credit unions have to pay in these taxes on top of the regulatory compliance costs.
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