Advocacy on the Move
Senator Crapo Holds Roundtable Discussion on Proposed IRS Data Collection
Idaho credit union leaders joined U.S. Senator Mike Crapo (R-Idaho) and other stakeholders for a roundtable discussion Tuesday, Oct. 12
Anthem
Fake IRS Phone Calls Defrauding Taxpayers of Millions
Phone scam surges during tax season, tops IRS list of “Dirty Dozen” tax scams for 2015.
Filing Deadline for Small-Business Health Care Tax Credit is May 15
Northwest credit unions may be eligible for a refund from the IRS as part of the Small-Business Health Care Tax Credit program. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “When we are setting up an account for a member’s trust, how do we know who has access to the funds in the account?”
Most Credit Union Products Not Subject to Unrelated Business Income Tax, IRS Memorandum Says
The Internal Revenue Service has issued a memorandum that clears nearly all credit union products from being subject to Unrelated Business Income Tax. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “Can a credit union run a promotion in which everyone who applies for a car loan is entered to win a prize?”
Scammers Targeting Oregon Taxpayers with Threatening Payment Demands
A sophisticated phone scam is targeting Oregon taxpayers during this tax season, telling victims they owe money to the IRS or Oregon Department of Revenue and demanding immediate payment via debit card or wire transfer.
IRS Releases Revised ‘Certificate of Foreign Status’ Form for Individuals
The IRS has a issued a new form that individuals who are not U.S. citizens or resident aliens can use to claim an exception from information reporting and backup withholding for certain types of income, including financial-institution deposit interest. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “What should be done if the direct deposit of an IRS refund went into an account that doesn’t belong to the intended recipient?”
Legal Briefs
Your weekly update on the regulatory landscape.
IRS Updates W-9; Credit Unions May Need to Modify Applications
The Internal Revenue Service has released an updated version of Form W-9 and instructions.
Washington Credit Union Leaders Discuss Director Compensation with DFI
Credit union leaders and the Washington DFI met this week to discuss the rulemaking process that will help to define director compensation.
Compliance Question of the Week
Today’s Compliance Question of the Week asks whether credit unions can break share certificates to address an IRS levy.
Small Business Health Care Tax Credit filing deadline is May 15
Small credit unions should take advantage of the Small Business Health Care Tax Credit by May 15th. It can provide an unexpected windfall worth thousands of dollars.
New Round of IRS Tax Exemption Automatic Revocation Letters May be Starting
Like zombies in a B-movie that just won’t go away, Northwest credit unions are once again finding letters on their doorsteps informing them that their tax exemption is on the IRS’ list for automatic revocation.
Compliance Question of the Week
What happens if a tax refund was automatically deposited into the wrong account?
Mortgage Insurance Premium Deduction Extended Through 2013
Due to the American Taxpayer Relief Act of 2012, the mortgage insurance premium deduction has been reinstated, meaning members may deduct premiums for mortgage insurance from their taxes for the tax years 2012 and 2013.
Legal Briefs
Your weekly update on the regulatory landscape.
Legal Briefs
Your weekly update on the regulatory landscape.
Legal Briefs
Your weekly update on the regulatory landscape.
Legal Briefs
Your weekly update on the regulatory landscape.