State regulators to discuss UBIT, other topics at summit

ARLINGTON, Va. (7/10/08)--The unrelated business income tax (UBIT) and other topics and their impact on state-chartered credit unions will be a discussion focus at the 2008 National Association of State Credit Union Supervisors (NASCUS) State System Summit.

The summit meets Aug. 21-23 in Seattle.

Catherine Tierney, president/CEO of Appleton, Wis.-based Community First CU, will join a member of the UBIT Steering Committee to discuss her credit union's UBIT litigation against the Internal Revenue Service (IRS). The lawsuit was filed Jan. 15. Since then, another lawsuit has been filed and the steering committee expects more.

In a second session, Kevin Fincher, CPA and partner at Clifton Gunderson, will provide updates on UBIT and credit union filing requirements. He will address recent IRS developments, rate arbitrage and specified payments from controlled entities, and the use of unrelated business losses to offset unrelated business income. Other topics include: charitable contributions, royalty income, debt cancellation income, methods for reasonable cost allocations and ideas to reduce UBIT liability.

Fincher also will review reporting requirements under FIN 48 and the newly revised IRS Form 990, Return of Organization Exempt From Income Tax.

For more information, use the resource link.

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