Tax

Tax-related identity theft can be especially worrisome, not only for the monetary consequences it carries, but tax documents often contain highly sensitive information, like Social Security numbers, writes Paige Schaffer, president and COO of Generali Global Assistance’s Identity and Digital Protection Services Global Unit.

Along with amendments to the Bank Secrecy Act, the Taxpayers First Act could help credit unions maintain their tax-exempt status.

A banking lobbyist recently quoted in Credit Union Journal is painting an inaccurate picture of the industry and its tax exemption.

The North Carolina company was hit with a tax penalty tied to its purchase of Chattahoochee Bank of Georgia.

Sens. Sherrod Brown, D-Ohio, and Ron Wyden, D-Ore., pressed Stephen Moore for details about reports that he owes more than $75,000 in taxes and failed to pay more than $300,000 in alimony and child support.

Volunteer Income Tax Assistance is reportedly bringing an influx of consumers to credit unions this tax season, but those institutions are hamstrung on the extent to which they can turn that opportunity into new business.

Regional and community banks are working to finance the economic development districts created by the new law. But they have lots of questions about how the program works — and thoughts on how to improve it.

State law bars credit unions from accepting deposits from cities, counties and other government entities. Florida banks say it should stay that way unless tax advantages for credit unions are removed, but credit unions counter that banks are trying to stifle competition.

Several banks could lose money over tax credits tied to DC Solar, a California firm wrestling with a fraud claim.

At least five banks have warned about the potential loss of tax benefits if it is proven that DC Solar operated an investor scheme.