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Voting Poll Results: UBIT Awareness Varies

WEST PALM BEACH, Fla. - While almost 45% of participants in Credit Union Times just-expired voting poll said they were aware of the IRS' Unrelated Business Income Tax, over 26% of respondents didn't know the IRS was currently considering whether core CU products like credit insurance should be subject to...

By Staff Writer | Updated on July 29, 2003

WEST PALM BEACH, Fla. – While almost 45% of participants in Credit Union Times just-expired voting poll said they were aware of the IRS’ Unrelated Business Income Tax, over 26% of respondents didn’t know the IRS was currently considering whether core CU products like credit insurance should be subject to UBIT. The poll question was inspired by a flurry of recent IRS audits of state-chartered credit unions for UBIT. According to NASCUS, there have been more UBIT audits of CUs in the past two years, than the 10 years prior. Here is the question and the results: “Are you aware of the Unrelated Business Income Tax, and that the IRS is still determining whether core credit union products such as credit insurance as well as the interchange income from credit and debit cards should be subject to UBIT?” *Yes – 44.93% *No – 28.99% *Was aware of UBIT, but not that credit insurance and interchange income were being looked at by the IRS.

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