IRS Pushes Back Some FATCA Compliance Dates

While the reporting requirement on 1042-S remains unchanged, the IRS and the U.S. Treasury have moved back several of the key compliance dates for the Foreign Account Tax Compliance Act (FATCA).

Small Credit Unions May be Leaving Money on the IRS Table

Since the Affordable Care Act took effect in 2010, many small employers have been eligible for a health care tax credit created as part of the bill. One of the few Northwest credit unions to take advantage of the program received a check from the IRS for almost $7,000 for the 2011 tax year.

Credit Unions Still Receiving IRS Threats to Tax Status

Credit unions that receive a letter from the IRS notifying them of a possible revocation of their tax-exempt status should not ignore the letter—even though it may have been sent erroneously.

Compliance Question of the Week

What is a Single Member LLC and does it need an EIN to open a bank account?

Legal Briefs

Your weekly update on the regulatory landscape.

What to Do if Your Tax Exemption Was Automatically Revoked by the IRS

The IRS has created a section of its website for credit unions who mistakenly received a letter notifying them of the automatic revocation of their tax exempt status.

The IRS Hosts Two Free Webinars in May

The IRS is hosting a pair of free webinars in May to help financial institutions stay safe, sound and compliant. The first will focus on identity theft and online fraud, with the second covering employment law.

IRS Releases the Dirty Dozen Tax Scams for 2012

The IRS has issued its annual “Dirty Dozen” ranking of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.

NWCUA Regulatory Advocacy Update

The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement, including updates on the FHFA, CFPB and events significant to the credit union regulatory landscape.

IRS Issues ‘Tax Exempt’ Correction to Credit Unions

The IRS sent a letter of correction to credit unions that had been erroneously informed last year that they had lost their tax-exempt status due to a filing error.

Legal Briefs

Your weekly update on the regulatory landscape.

Compliance Question of the Week

What should be done if an IRS refund direct deposit went into the wrong account?

Compliance Question of the Week

Is an Interest on Lawyers’ Trust Account (IOLTA) subject to an IRS levy against the lawyer?

IRS Contacting Individual Credit Unions Regarding Tax Exemption

Due to paperwork and recordkeeping issues, credit unions in a number of states have received letters from the IRS stating that they are no longer tax exempt. Included here is an explanation of the situation, as well as recommended responses for affected credit unions.

Regulatory Advocacy Update

The NWCUA generates and monitors regulatory movement and change at the state and federal levels. The weekly Regulatory Advocacy Update keeps you informed about new developments, how the Association is working for its members—and how you can get involved.

IRA Essentials Workshop: An Energetic Twist on Retirement Savings

There is still time to register for Paul Kern’s IRA Essentials Workshop. Scheduled for October in both Oregon and Washington, attendees will gain the IRA knowledge necessary to confidently work with IRA owners and process basic IRA transactions.

Compliance Question of the Week

Should a deceased member’s account(s) continue to earn dividends?

IRS Issues Interim Guidance on Informational Reporting of Employer-Sponsored Health Coverage

The IRS emphasizes that this new reporting to employees is for their information only, and does not cause excludable employer-provided health coverage to become taxable.