MILWAUKEE — The Wisconsin Bankers Association has taken a swipe at the $916 million Community First credit union for its decision to file a lawsuit against the IRS over its unrelated business income taxes (UBIT).
In a piece which appeared in the Small Business Times, a business journal published in Milwaukee, Kurt Bauer, CEO of the Association, charges that the CU's lawsuit represents an attempt by an almost billion dollar institution to escape paying even a little tax.
"The Appleton-based financial institution with nearly $1 billion in total assets is suing the IRS for $54,604 in unrelated business income taxes it was forced to pay in 2006," Bauer wrote. "That same year, Community First posted profits of $8.4 million and spent a whopping $550,253 on travel and conferences for its executives and board of directors."
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