The Tax Cuts and Jobs Act (TCJA) introduced a myriad of changes to the tax world, many of which directly impact credit unions. For example, losses generated by one business could previously offset income from another business. Now, unrelated business taxable income (UBIT) from multiple unrelated trades or businesses has to be calculated and reported separately.
The TCJA affects credit unions in many other areas, including:
- 990-T filing requirements
- Net operating losses
- Expense allocation
- UBI for fringe benefits
- Executive compensation
- Golden parachute payments
Our on-demand webinar, presented by Tanya Medgaarden, principal for financial institutions, runs through each of these areas from a high-level view to help you prepare for the next filing season.
How we can help
The new TCJA rules could increase your institution’s tax liability if not properly addressed. CLA’s credit union professionals can help you understand how these changes will impact your institution. Then we can work together to make the necessary adjustments to help you maintain compliance.
- Presentation: Tax Reform Implications for Credit Unions