HARTFORD, Conn. — NASCUS provided participants in the Connecticut Unrelated Business Income Tax Conference April 18 with an update on the activities of the UBIT Steering Committee. The seminar was put together as an educational opportunity to help credit unions understand implications of the IRS's five Technical Advice Memoranda (TAMs) recently released. The IRS recently issued the TAMs stating that non-member ATM fees and certain insurance products are subject to UBIT. More than 70 attendees from state and federal credit unions, state agencies and NCUA gathered for the comprehensive one-day educational event on the latest UBIT updates hosted by the Connecticut Department of Banking and the Connecticut Credit Union Association.

"Education on UBIT is very important as the IRS continues to publish TAMs on the issue," said NASCUS President and CEO Mary Martha Fortney. "NASCUS and the UBIT Steering Committee are committed to providing UBIT resources and education and to continue hosting and participating in these valuable in-person workshops."

Faculty from the April 18 event reviewed the IRS UBIT filing requirements and presented an in-depth overview of UBIT from a historical and legal perspective. Presenters also demonstrated accepted accounting principles and strategies to calculate UBIT liability and provided guidance on using an accounting tool developed by CUNA.