Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
22 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
23 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
1 day ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
1 day ago
CCUA hosts @TheNASCUS college for #creditunion directors http://t.co/CftpSXDKWx
1 day ago