UBIT Refund Guidance
If you’re a state-chartered credit union that had to pay Unrelated Business Income Tax (UBIT) in the past, you may be entitled to a refund of those taxes in light of a change in position by the IRS. The question is how do you go about this. CUNA has asked outside law firm Foley and Gardner to provide a memo for credit unions with general information about the refund claim process. [2/18/15]