UBIT…Yes Indeed!

By: Dennis Gardiner, Partner email

Our firm’s position has not changed in the last year.  We are still encouraging our clients to make the appropriate tax filings (990-T) to comply with Internal Revenue Code Sections 511-513. Our understanding is that the trade associations have not moved anywhere in the last year, as far as challenging the IRS in court.  As we said last year, if the trade associations are successful, then amended returns will be able to be filed to recover any taxes paid. In the near future, we will be sending letters out to clients who we assisted last year.  If you and your credit union have taken a different position this year and would like our assistance in complying with this tax law, give us a call.