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Category Archives: Credit Unions

IRS Conducting Compliance Checks of Credit Unions

The IRS is conducting compliance checks into whether the credit union taxpayers are adhering precisely to information reporting requirements regarding unrelated business income. Very specifically, they are looking at income from the sale of insurance products, financial service products and ATM transaction fees.  Compliance checks are reviews to determine whether a taxpayer is strictly adhering...

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CECL – It’s coming and how to prepare

In June of 2016 the Financial Accounting Standards Board (FASB) finally issued its pronouncement on the Current Expected Credit Loss (CECL). Although this pronouncement does not go into effect until the year 2021 this is not something you should put on the back burner. CECL is going to take time and planning in order to...

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