State chartered credit unions should compare these lists to their products they currently offer to determine which products should be subject to UBIT, but more importantly, how the credit unions could benefit from this new directive by maximizing fee income.

The Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act proposes to extend several individual, business and energy incentive for up to two years. Those incentives include:

Summary of the “Tax Reform Act of 2014” discussion draft.

As we enter 2014, a number of changes take place, including those made by the American Taxpayer Relief Act of 2012 (ATRA), signed into law on January 2, 2013, and the provisions in the Patient Protection and Affordable Care Act of 2010 (ACA), scheduled to take effect in 2013 and 2014.

Tax Increment Financing is something almost every municipality is dealing with. Created by Chapter 403 of the Code of Iowa, tax increment financing allows counties and cities to capture the increment (increased) taxes generated from the construction or expansion of buildings and infrastructure.

Now would be an excellent time to review your policy regarding W-9 forms. To be fully compliant with IRS regulations, a W-9 form should be on file for any non-employee who receives a check from the cooperative. This form should be legible such that the name, address, EIN, and SSN can be easily read. It should also be signed.