WASHINGTON — The controversy over Unrelated Business Income Tax will be discussed from the management and accounting perspectives at NASCUS' annual meeting next month in Seattle.
Community First Credit Union President/CEO Catherine Tierney, whose credit union filed the first suit challenging the legality of the tax, and a member of the UBIT Steering Committee will discuss the issue during one session. Kevin Fincher, CPA will discuss filing requirements for that tax and other recent developments in IRS regulations that affect credit unions. Fincher is a partner in the certified public accounting firm of Clifton Gunderson.
Community First is seeking a refund of $54,000 that the IRS claimed was owed based on the sale of credit life and credit disability insurance and guaranteed auto protection insurance.
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All state-charted credit unions–40% of all credit unions–are potentially subject to the UBIT. Federally chartered credit unions are not affected because they are governed by a different portion of the Internal Revenue Code.
NASCUS' annual meeting is scheduled to be held from Aug. 21-23. For additional information go to www.nascus.org.
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