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UBIT Recent News
IRS Appealing Credit Union-Favorable Bellco UBIT Court Decision - August 23, 2010
New Judge Ruling Positive for SCUs in Challenge to UBIT Brought by Bellco CU - April 6, 2010
Bellco CU Court Decision May Be "Substantial Authority" in UBIT Treatment of Financial Products for Members - March 5, 2010
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
NASCUS News Story: Judge Postpones Bellco UBIT Trial - January 6, 2009
UBIT Steering Committee News Release: Credit Union Wins Refund; Prevails Over IRS in Lawsuit- May 18, 2009
Revised Instructions for Filing the Form 990
The IRS published revised Form 990 instructions on August 19, 2008. Click here to view the instructions.
NASCUS' Quick Guide to Unrelated Business Income Tax (UBIT)
Download the guide here. (Updated March 2010)
Memos, TAMs and Additional Resources
Foley and Lardner Substantial Authority Memo for Community First and Bellco (Member log-in required) April 2010
Foley and Lardner Substantial Authority Memo - Bellco CU Litigation (Member log-in required) March 2010
Foley and Lardner Substantial Authority Memo - Community First CU Litigation (Member log-in required) October 2009
CUNA Accounting Task Force Accounting Tool
Guidance (PDF Format)
UBIT Examples (Excel 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.
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