The NAFCU Journal September-October 2020 - 35

CREDIT UNION
COVID-19 RESOURCES

We're navigating this pandemic together. That's why
we're still tirelessly updating our COVID-19 resources
for credit unions: to help you ensure the safety of your
staff and members, manage day-to-day operations, and
stay on top of the changing regulatory environment.
Find the resources you need today.
nafcu.org/coronavirus

calculate remuneration paid to a
covered employee when aggregating
payments made by an ATEO and its
related organizations. This need for
clarification arises out of the statutory
requirement to include remuneration
paid by related organizations as part
of the remuneration paid by an
ATEO. This might be relevant if a
credit union and CUSO shared employees and both paid remuneration to the
shared employees.

treatment of individuals who may perform limited services for an ATEO but
are paid only by an organization
other than that ATEO. Comments
received in response to the interim
guidance expressed concern that
these individuals were essentially
volunteers and that the possible
application of the excise tax to them
might disincentivize organizations
from continuing these beneficial practices and relationships.

There are a few differences between
the proposed rule and the interim
guidance. For example, the IRS proposed exceptions to the definitions
of "employee" and "covered employee"
to address concerns about the

The comment period for the proposed
rule ended Aug. 10. The regulations
are designed to apply to taxable
years beginning on or after the final
regulations are published in the
Federal Register. Until the issuance

THE NAFCU JOURNAL  SEPTEMBER-OCTOBER 2020

of the final regulations, the IRS
advised that taxpayers may elect to
follow the IRS' interim guidance or
the proposed regulations.
NAFCU has written several times
about Section 4960; this includes a
NAFCU Final Regulation explaining
the IRS' interim guidance about
complying with Section 4960. The
Final Regulation provided a sectionby-section analysis of the interim
guidance. Last year, an article in
The NAFCU Journal explained how
to report and pay the Section 4960
excise tax on IRS Form 4720.
David Park is regulatory compliance
counsel for NAFCU.
35


http://www.nafcu.org/coronavirus

The NAFCU Journal September-October 2020

Table of Contents for the Digital Edition of The NAFCU Journal September-October 2020

The NAFCU Journal September-October 2020 - Cover1
The NAFCU Journal September-October 2020 - Cover2
The NAFCU Journal September-October 2020 - 1
The NAFCU Journal September-October 2020 - 2
The NAFCU Journal September-October 2020 - 3
The NAFCU Journal September-October 2020 - 4
The NAFCU Journal September-October 2020 - 5
The NAFCU Journal September-October 2020 - 6
The NAFCU Journal September-October 2020 - 7
The NAFCU Journal September-October 2020 - 8
The NAFCU Journal September-October 2020 - 9
The NAFCU Journal September-October 2020 - 10
The NAFCU Journal September-October 2020 - 11
The NAFCU Journal September-October 2020 - 12
The NAFCU Journal September-October 2020 - 13
The NAFCU Journal September-October 2020 - 14
The NAFCU Journal September-October 2020 - 15
The NAFCU Journal September-October 2020 - 16
The NAFCU Journal September-October 2020 - 17
The NAFCU Journal September-October 2020 - 18
The NAFCU Journal September-October 2020 - 19
The NAFCU Journal September-October 2020 - 20
The NAFCU Journal September-October 2020 - 21
The NAFCU Journal September-October 2020 - 22
The NAFCU Journal September-October 2020 - 23
The NAFCU Journal September-October 2020 - 24
The NAFCU Journal September-October 2020 - 25
The NAFCU Journal September-October 2020 - 26
The NAFCU Journal September-October 2020 - 27
The NAFCU Journal September-October 2020 - 28
The NAFCU Journal September-October 2020 - 29
The NAFCU Journal September-October 2020 - 30
The NAFCU Journal September-October 2020 - 31
The NAFCU Journal September-October 2020 - 32
The NAFCU Journal September-October 2020 - 33
The NAFCU Journal September-October 2020 - 34
The NAFCU Journal September-October 2020 - 35
The NAFCU Journal September-October 2020 - 36
The NAFCU Journal September-October 2020 - 37
The NAFCU Journal September-October 2020 - 38
The NAFCU Journal September-October 2020 - 39
The NAFCU Journal September-October 2020 - 40
The NAFCU Journal September-October 2020 - Cover3
The NAFCU Journal September-October 2020 - Cover4
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