|
UBIT Recent News
Judge in Bellco UBIT Case Determines Investment Products Exempt from UBIT - November 13, 2009
Community First Case Cited as “Substantial Authority” in UBIT Treatment of Certain Insurance Products - November 9, 2009
Government Passes on Appeal in UBIT Community First Case - September 16, 2009
IRS Releases New TAM Addressing Insurance, Financial Management Services and Shared Branching - August 5, 2009
Government Asks Judge to Overturn Jury Ruling in UBIT Trial - May 29, 2009
NASCUS News Story: Court Favors the Credit Union in First UBIT Litigation Effort - May 15, 2009
UBIT Steering Committee News Release: Credit Union Wins Refund; Prevails Over IRS in Lawsuit- May 18, 2009
IRS Form 990 Filing
Consult with Experts Regarding Quarterly 990-T Quarterly Filings - September 2, 2008
NASCUS has been informed that several state-chartered credit unions have been told by the Internal Revenue Service (IRS) that they may be subject to penalties if the credit union fails to submit quarterly estimated tax reporting in years when they file, or expect to file, a 990-T form, the Exempt Organization Business Income Tax Return.
Revised Instructions for Filing the Form 990
The IRS published revised Form 990 instructions on August 19, 2008. Click here to view the instructions.
State of Credit Unions Form 990 Filing Highlights Webinar Presented by Kevin Fincher, Clifton Gunderson LLP, December 11, 2007 (PDF Format)
CUNA Accounting Task Force Accounting Tool
Guidance (PDF Format)
UBIT Examples (Excel Format)
NASCUS' Quick Guide to Unrelated Business Income Tax (UBIT)
Download the guide here. (Updated June 2008)
News Stories, Memos and Additional Resources
NASCUS News Story: Judge Postpones Bellco UBIT Trial - January 6, 2009
NASCUS News Story: Second Plaintiff Steps Up to Sue the IRS Over UBIT - May 23, 2008
NASCUS News Story: UBIT Case Heads to Court in May 2009 - May 14, 2008
NASCUS News Story: UBIT Education Continues to Ohio, NASCUS and UBIT Steering Committee Lead Conference for Ohio Credit Union System
NASCUS News Story: FASB Announces Delay of FIN 48 - February 4, 2008
Community First Credit Union January 15, 2008 Complaint Filed Against IRS Regarding UBIT (PDF Format)
NASCUS News Story: State-Chartered Credit Union Files Lawsuit Against IRS Regarding UBIT - January 15, 2008
UBIT Steering Committee December 2006 Memo to State-Chartered Credit Unions (PDF Format)
Links to TAMs
Release Date: June 22, 2007
http://www.irs.gov/pub/irs-wd/0725046.pdf
http://www.irs.gov/pub/irs-wd/0725047.pdf
http://www.irs.gov/pub/irs-wd/0725048.pdf
http://www.irs.gov/pub/irs-wd/0725049.pdf
http://www.irs.gov/pub/irs-wd/0725050.pdf
http://www.irs.gov/pub/irs-wd/0725051.pdf
http://www.irs.gov/pub/irs-wd/0725052.pdf
http://www.irs.gov/pub/irs-wd/0725053.pdf
http://www.irs.gov/pub/irs-wd/0725054.pdf
http://www.irs.gov/pub/irs-wd/0725055.pdf
http://www.irs.gov/pub/irs-wd/0725056.pdf
http://www.irs.gov/pub/irs-wd/0725057.pdf
Release Date: April 27, 2007
http://www.irs.gov/pub/irs-wd/0717036.pdf
http://www.irs.gov/pub/irs-wd/0717035.pdf
http://www.irs.gov/pub/irs-wd/0717034.pdf
http://www.irs.gov/pub/irs-wd/0717033.pdf
http://www.irs.gov/pub/irs-wd/0717032.pdf
http://www.irs.gov/pub/irs-wd/0717031.pdf
http://www.irs.gov/pub/irs-wd/0717030.pdf
http://www.irs.gov/pub/irs-wd/0717029.pdf
Release Date: March 9, 2007
http://www.irs.gov/pub/irs-wd/0710017.pdf
http://www.irs.gov/pub/irs-wd/0710018.pdf
http://www.irs.gov/pub/irs-wd/0710019.pdf
Release Date: March 2, 2007
http://www.irs.gov/pub/irs-wd/0709072.pdf
http://www.irs.gov/pub/irs-wd/0709073.pdf
If you have any questions regarding UBIT, please contact NASCUS at (703) 528-8351.
|
