Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
UBIT lawsuit scheduling date set
GREEN BAY, Wis. (3/21/08)--A Wisconsin credit union’s lawsuit against the Internal Revenue Service (IRS) over unrelated businesses income taxes (UBIT) took another step forward this week when the case was assigned to a judge and a scheduling date set. The case involves Community First CU, Appleton, Wis., which filed a court challenge in January against the IRS regarding its determination on insurance products. This week, CUNA learned that U.S. District Court Judge William C. Griesbach will handle the case. A scheduling conference was set for May 9. According to CUNA General Counsel Eric Richard, the scheduling conference will allow the judge to set the future course of litigation. “After May 9, we should have a much better idea of when we might have a final outcome in the case in the district court,” said Richard. 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. While it is unlikely any outside parties will be allowed to join the suit, the credit union's action is backed by CUNA, American Association of Credit Union Leagues, National Association of State Credit Union Supervisors NASCUS), and CUNA Mutual Group, which comprise the credit union movement's UBIT Steering Committee.
Other Resources

RSS print
News Now LiveWire
Expanded ATM services at branches attractive to members: @CFIGroup. See #NewsNow Friday
8 hours ago
#FinCEN imposes civil money penalty against NJ's BPI money services co. for #BSA violations http://t.co/WnDzOcxdOZ
11 hours ago
.@ABCULCUs give hat tip to America's #100MM #creditunion milestone http://t.co/q8yo6Lx3LM
11 hours ago
The @CFPB has announced new Credit Union Advisory Council members, as well as other senior leaders, advisory board and council members.
12 hours ago
GDP expanded 4.2% on an annualized basis in 2Q according to Bureau of Economic Analysis
12 hours ago