Brian Sullivan, CPA, Partner As we continue to monitor new tax legislation and how it affects your operations, I want to highlight key provisions of the OBBBA that have direct implications for credit unions, especially in the auto-lending space. Specifically, I’ll cover the new deduction for auto-loan interest and the closely related reporting obligation under...

Brian Sullivan, CPA, Partner What we saw in 2022: What we expect to see in 2023:

What We’ve Seen in 2021: + Credit unions have faced many challenges from the COVID-19 pandemic in the last couple years causing more remote work, struggling to keep a full complement of staff, closed lobbies, drive-thru only services, and appointment only services. + With the uncertainties concerning the pandemic, credit unions saw a rise in...

As you already know, the agreed-upon procedures engagements we perform are based on the minimum procedures required by NCUA Regulation Part 715 to be performed annually for credit unions over $10 million in assets. These procedures were adopted in 1999 and have not changed since then. The time has finally arrived, and 20 years later,...

The IRS is conducting compliance checks into whether the credit union taxpayers are adhering precisely to information reporting requirements regarding unrelated business income. Very specifically, they are looking at income from the sale of insurance products, financial service products and ATM transaction fees.  Compliance checks are reviews to determine whether a taxpayer is strictly adhering...

What we have seen in 2018: + Credit unions have seen a rise in profitability continue to stabilize in 2017 when compared to the prior year. Through the first six months of 2018, credit unions have maintained a return on assets of 0.90%, up 14 basis points from a year ago. + For the first...