Income Tax Filing Training by qgf24283

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									ohio Credit Union LeagUe




                           {   ohio Spring
                               Compliance training
                                Stay on track with compliance

                               ▶ ForMS 990, 990-t & UBit SeMinar
                                February 2 • Sharonville (Cincinnati)
                                February 3 • Perrysburg (Toledo)
                                February 4 • Beachwood (Cleveland)
                                February 5 • Columbus

                               ▶ UnreLated BUSineSS inCoMe tax &
                                 FiLing the irS ForM 990t
                                March 19 • Columbus

                               ▶ dePoSit aCCoUnt CoMPLianCe For ohio
                                February 18 • Beachwood (Cleveland)
                                February 19 • Columbus

                               ▶ FaCt aCt: identitY theFt red FLagS WorKShoP
                                March 24 • Columbus

                               ▶ regULationS Z & B
                                April 7 • Beachwood (Cleveland)
                                April 8 • Perrysburg (Toledo)
Forms 990, 990-T & UBIT Seminar

February 2 • Sharonville          February 4 • Beachwood
February 3 • Perrysburg           February 5 • Columbus
The Ohio Division of Financial Institutions has filled out the IRS Form 990 for state
chartered credit unions in the past. However, due to changes in the complexity of
the form and information required, state chartered credit unions must now submit
the form themselves. During this seminar you’ll receive line-by-line instructions
for completing Form 990 and accompanying schedules. You’ll get an overview of
Unrelated Business Income Tax (UBIT), providing you with a foundation for
reporting unrelated business income.

• Get an overview of Form 990 history and current issues
• Explore new 990 filing requirements, including the reporting of
  executive compensation
• Learn how to complete Form 990 and its schedules
• Understand UBIT – current IRS issues, policies, and definitions
• Discuss decisions that each credit union and their tax adviser will need to make
• Learn how to mitigate potential tax liability
• Learn methods to track income and expenses


▶ inStrUCtor                                      ▶ LoCationS
Karen Gries, CPA is a principal with              February 2
LarsonAllen specializing in the tax               Doubletree Guest Suites Cincinnati/
implications of exempt organizations.             Sharonville
Karen’s 20 year public accounting career          6300 E. Kemper Rd
has been focused on serving the needs of          Sharonville, OH 45241
exempt organizations, including charities,        Phone: 513-489-3636
social welfare, business leagues and              February 3
associations, credit unions, health care          Holiday Inn French Quarter
providers, and religious organizations.           10630 Fremont Pike
▶ tUition                                         Perrysburg, OH 43551
                                                  Phone: 419-874-3111
Tuition is $99 for a single attendee or $79
each for multiple attendees. Credit unions        February 4
with assets of $6 million or less receive         Embassy Suites Beachwood Hotel
a 50% discount on registration. Credit            3775 Park East Drive
unions with assets of $6 to $20 million           Beachwood, OH 44122
receive a 25% discount. Only one                  Phone: 216-765-8066
discount applies.                                 February 5
▶ SChedULe                                        Quest Conference Center
12:30–1:00 p.m. Registration                      8405 Pulsar Place
1:00–5:00 p.m. Seminar                            Columbus, OH 43240
                                                  Phone: 614-540-5540



  Register online today!
  Visit training.ohiocreditunions.org and choose Event Calendar.
Unrelated Business Income Tax &                                            Get in-dep
                                                                                      th
Filing the Form 990T                                                       knowledge of
                                                                                       s
                                                                            UBIT issue
March 19 • Columbus
Over the past few years, several Technical Advice Memorandums (TAMS) have
been issued by the IRS to state-chartered credit unions. While these TAMS are not
yet official in nature, they set forth the IRS’ position that certain sources of income
are not related to the exempt purpose of a non-profit credit union and are subject to
unrelated business income tax (UBIT). Examples of income subject to UBIT include
insurance products (credit life and disability, accidental death and dismemberment,
GAP, group life, health, cancer and dental), securities and investment products, and
fees from non-member ATM usage.

If your state chartered credit union has unrelated business income, you may be
required to file an IRS Form 990-T, Exempt Organization Business income Tax
Return. Many CPAs, tax advisers, and auditing firms are advising credit unions to file
a Form 990T to avoid potential future tax liability and penalties. This form is required
when gross unrelated business income for the year is $1,000 or more and is due on
May 15. By attending, you will learn:
• Current IRS interpretation of what is and what is not considered
  unrelated business income
• Potential benefits of filing (vs. not filing) an IRS Form 990T
• How to offset allowable direct and indirect expenses against unrelated
  business income
• What records and methodologies are commonly used and generally
  allowable when calculating and offsetting expenses incurred in
  delivering unrelated business services
• Line-by-line instructions for completing the 990T
• Current status of legal challenges by credit union parties


▶ inStrUCtor                                    ▶ Who ShoULd attend
Karen Gries, CPA is a principal with            Credit union CEOs, CFOs, accounting
LarsonAllen specializing in the tax             personnel, auditors or anyone at the
implications of exempt organizations.           credit union responsible for tax filing.
Karen’s 20 year public accounting career        In addition, credit unions may invite
has been focused on serving the needs of        their outside CPAs, auditors, or tax
exempt organizations, including charities,      advisers to attend. For assistance with
social welfare, business leagues and            registering these special attendees,
associations, credit unions, health care        please call 800-356-9655, ext. 4400.
providers, and religious organizations.         ▶ SChedULe
▶ tUition                                       9:00–9:30 a.m.          Registration
                                                9:30 a.m.–12:00 p.m.    Seminar
Tuition is $149 for a single attendee or
                                                12:00–1:00 p.m.         Lunch
$129 each for multiple attendees. Credit
                                                1:00–3:30 p.m.          Seminar
unions with assets of $6 million or less
receive a 50% discount on registration.         ▶ LoCation
Credit unions with assets of $6 to $20          Quest Conference Center
million receive a 25% discount. Only one        8405 Pulsar Place
discount applies.                               Columbus, OH 43240
                                                Phone: 614-540-5540
Hot Topic Workshop:
Deposit Account Compliance for Ohio
February 18 • Beachwood
February 19 • Columbus
Build your compliance competence! Discover practical approaches for complying with
the laws and regulations that govern your credit union’s deposit accounts and services.
You’ll learn the purpose of the regulations and how they apply to your operations.
• Review Truth in Savings
• Understand Regulation D - Reserve Requirements
• Know Regulation E - Electronic Funds Transfer
• Explore Regulation CC - Funds Availability
• Take a look at UCC Articles 3 & 4
• Review Regulation J and UCC Article 4A


▶ inStrUCtor                                ▶ SChedULe
                                            February 18 – Morning
                                            8:30–9:00 a.m.       Registration
                                            9:00 a.m.–12:00 p.m. Seminar
Robert Rutkowski is a partner of            February 19 – Afternoon
Weltman, Weinberg & Reis Co., L.P.A.        12:30–1:00 p.m.     Registration
and manages the firm’s credit union         1:00–4:00 p.m.      Seminar
department and the corporate and
financial services practice group. Robert   ▶ LoCationS
served on the board of directors for the    February 18
Lake County Educational Federal Credit      Embassy Suites Beachwood Hotel
Union for four years. He was recognized     3775 Park East Drive
as an Ohio Rising Star in 2006 by           Beachwood, OH 44122
“Law and Politics” and “Cincinnati”         Phone: 216-765-8066
magazines. He has been published in         February 19
Credit Union Magazine, Credit Union         Quest Conference Center
Management Magazine, and The                8405 Pulsar Place
Cleveland Bar Journal.                      Columbus, OH 43240
▶ tUition                                   Phone: 614-540-5540
Tuition is $99 for a single attendee or
$79 each for multiple attendees. Credit
unions with assets of $6 million or less
receive a 50% discount on registration.
Credit unions with assets of $6 to $20
million receive a 25% discount. Only one
discount applies.
FACT Act: Identity Theft Red Flags Update

March 24 • Columbus
Be sure your credit union is ready to comply with the recent changes to the Identity
Theft Red Flags regulation. This issue will be a major focus for examiners in 2009.
Whether you need a review or wish to begin with the basics, we’ll help you get
up-to-speed on the new requirements. You’ll focus on:
• Identity Theft Statistics
• Common Identity Theft Scams
• Red Flags Rule
• Creating an Identity Theft Risk Assessment
• Administering the Identity Theft Prevention Program
• Changes of Address
• Creating a Policy and Procedures
• Educating Members on Identity Theft Prevention
• Compliance Checklists for FACT Act Red Flags Rule
• Responding to Identity Theft



▶ inStrUCtor                                 ▶ tUition
Andrea Stritzke, CUCE is regulatory          Tuition is $99 for a single attendee or
counsel for PolicyWorks, an affiliate        $79 each for multiple attendees. Credit
of the Iowa Credit Union League. She         unions with assets of $6 million or less
monitors credit unions’ regulatory issues,   receive a 50% discount on registration.
fields compliance questions, and presents    Credit unions with assets of $6 to $20
educational sessions. Andrea has earned      million receive a 25% discount. Only
CUNA’s Credit Union Compliance               one discount applies.
Expert (CUCE) designation and the
BSA Compliance Specialist Certification.     ▶ LoCation
Prior to joining PolicyWorks, Andrea         Quest Conference Center
worked as a judicial clerk for the Iowa      8405 Pulsar Place
Court of Appeals.                            Columbus, OH 43240
                                             Phone: 614-540-5540
▶ SChedULe
12:30–1:00 p.m. Registration
1:00–4:00 p.m. Seminar
Hot Topic Workshop: Regulations Z & B

April 7 • Beachwood
April 8 • Perrysburg

NCUA continues to propose changes to many regulations, and a number of final
rulings are predicted in 2009. Reg Z and Reg B are two hot topics credit unions need
to be aware of during these turbulent times. This workshop will give you an overview
of Reg Z (Truth-in-Lending Act) and a current update on possible changes. This
session will also cover Reg B (Equal Credit Opportunity Act) and the issues your
credit union needs to stay current on.
• Gain a basic understanding of the Truth in Lending Act and the
  Equal Credit Opportunity Act
• Discuss different situations frontline staff need to be aware of for
  Reg Z and Reg B disclosures
• Talk about possible changes taking place in 2009



▶ inStrUCtor                                   ▶ SChedULe
                                               12:30–1:00 p.m. Registration
                                               1:00–4:00 p.m. Seminar

Robert Rutkowski is a partner of               ▶ LoCationS
Weltman, Weinberg & Reis Co., L.P.A.           April 7
and manages the firm’s credit union            Embassy Suites Beachwood Hotel
department and the corporate and               3775 Park East Drive
financial services practice group. Robert      Beachwood, OH 44122
served on the board of directors for the       Phone: 216-765-8066
Lake County Educational Federal Credit         April 8
Union for four years. He was recognized        Holiday Inn French Quarter
as an Ohio Rising Star in 2006 by              10630 Fremont Pike
“Law and Politics” and “Cincinnati”            Perrysburg, OH 43551
magazines. He has been published in            Phone: 419-874-3111
Credit Union Magazine, Credit Union
Management Magazine, and The
Cleveland Bar Journal.

▶ tUition
Tuition is $99 for a single attendee or
$79 each for multiple attendees. Credit
unions with assets of $6 million or less
receive a 50% discount on registration.
Credit unions with assets of $6 to $20
million receive a 25% discount. Only one
discount applies.
Need an in-depth look at compliance issues?
For additional compliance resources, training, and webinars, visit
training.ohiocreditunions.org and click on Event Calendar.

SChooLS & ConFerenCeS                                   Learn at YoUr deSK
Regulatory Compliance Conference                        RegTraC Self-Study
Stay up-to-date with compliance. You’ll                 This self-study training and certification
hear from industry experts on compliance                program from CUNA offers two levels of
challenges they see facing credit unions today.         training for those in compliance or non-
  May 19–20 • Columbus, OH                              compliance roles. Visit training.cuna.org
                                                        and choose Self-Study Certificate Programs.
CUNA Regulatory Compliance Schools
Gain an in-depth understanding of the credit            Training on Demand
union regulatory environment and know how               Discover instant training at the click
to comply with each regulation. Optional                of a button. This downloadable, video-
testing is available for the designation of             like training tool offers 30-45 minute
Credit Union Compliance Expert (CUCE).                  presentations on critical issues for your
  Introduction                                          staff and board. Only $199 each or free for
  April 26–May 1• St. Pete Beach, FL                    CPDOnline members. Visit training.cuna.org
  September 27–October 2 • San Diego, CA                and choose Training on Demand. Check out
  Update                                                these compliance related topics:
  April 26–30 • St. Pete Beach, FL                        • Bank Secrecy Act for Volunteers
  September 27–O1ctober 1 • San Diego, CA                 • Bank Secrecy Act for Front-Line Staff
                                                          • Regulation CC
CUNA Bank Secrecy Act Conference
Grow your knowledge of the Bank Secrecy
Act in this conference led by credit union
compliance experts and representatives from
federal agencies.
  November 1–4 • San Francisco, CA


Registration tips

 CUna WeB aCCeSS:
  You’ll now need a web access user name and password to register.
    • To check if you already have a username and password, go to
      https://ebus.cuna.org/CUNACustomizations/CUNARequestPassword/tabid/169/Default.aspx
      and enter your e-mail address. Your information will be sent immediately.
    • If you need a login, please sign up at http://www.cuna.org/sign_up.html.


 MULtiPLe attendeeS:
  If you are registering multiple attendees, choose “Buy for Others” in the shopping cart. Anyone in your
  credit union who is already set up with CUNA web access will appear on a list for you to select from.
  New attendees can request a CUNA login at http://www.cuna.org/sign_up.html.


 SMaLL CU diSCoUntS:
  If your credit union has less than $20 million in assets, you’ll receive a discount by
  entering a promotion code on the “Complete Checkout” page. Learn more at
  http://training.ohiocreditunions.org/smallcu_scholargrants.html.
      • 50% discount for CUs with assets of $6 million or less, use 0950-OHCU
      • 25% discount for CUs with assets of $6 to $20 million, use 0925-OHCU




Register online today!
Visit training.ohiocreditunions.org and choose Event Calendar.
For more information about educational opportunities for Ohio credit unions,
contact Joshua D. Reams, Ohio Credit Union League Education Services Manager,
800-486-2917, ext. 279, or jreams@ohiocul.org.
For registration information or assistance, e-mail reginfo@cuna.coop
or call 800-356-9655, ext. 4400.
         ohio Spring
         Compliance training
         {   Register at training.ohiocreditunions.org




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