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Live UBIT update webcast from GAC
WASHINGTON (2/19/08)—The Credit Union National Association (CUNA) will be staging a March 4 Webcast to present the most timely information on unrelated business income tax (UBIT), including an update on litigation and compliance issues. The Webcast will be broadcast live from CUNA’s Governmental Affairs Conference (GAC) held here from March 2-6. It will present an overview of the history of UBIT, as well as detail the status of a UBIT lawsuit filed in January by Community First CU against the Internal Revenue Service. Community First, based in Appleton, Wisc., is seeking a refund of taxes paid on income from several insurance products. The credit union said at issue is about $54,000 in taxes it paid in 2006 on income from the sale of credit life and credit disability insurance, and guaranteed auto protection (GAP) insurance. CUNA backs the credit union’s action and challenges recent opinions issued by the IRS stating that several insurance and investment products are subject to UBIT. CUNA strongly believes the activities are consistent with state-chartered credit unions' tax exempt purposes and, therefore, not subject to UBIT. The March 4 Webinar will be moderated by Larry Blanchard, UBIT Steering Committee chairman and CUNA Mutual Group SVP of special projects. Also scheduled to participate are: Eric Richard, CUNA general counsel, Faye Patzner, CUNA Mutual Group general counsel, Mary Martha Fortney, CEO, National Association of State Credit Union Supervisors, and Brett Thompson, President/CEO, Wisconsin CU League. The free Web session will be 2:00-3:15 p.m. ET. Use the resource link below to register for the Webcast.
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