SAN DIEGO — The legal challenge to the IRS's unrelated business income tax interpretations continues on as the UBIT Steering Committee works to educate credit unions on the matter.
CUNA Mutual Senior Vice President of Special Projects Larry Blanchard, who chairs the UBIT Steering Committee comprised of CUNA, AACUL and NASCUS, recently presented the California and Nevada Credit Union Leagues the committee's plan to protect credit unions from "unfair or unreasonable" UBIT interpretations. He told Credit Union Times that the committee also plans to keep the information flowing by traveling throughout the country, including upcoming trips to Arizona and Florida.
"We do believe the IRS is wrong, pure and simple, in these interpretations," Blanchard said. Despite efforts to negotiate with IRS, a legal challenge is a distinct possibility. "We've asked if credit unions are interested in challenging the TAMs [Technical Advice Memoranda] and a few of them have stepped forward."
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