IRS releases information about 2004 tax returns

Filed under: Banking & Finance |

John Dill says becoming an association will make his organization easier to find. See brief: CCUL changing name

The Internal Revenue Service has released the winter 2005-2006 issue of the Statistics of Income Bulletin.

The SOI Bulletin includes information about on data from individual income tax returns for 2004.

In 2004, adjusted gross income rose for the second year in a row, increasing by 8.9 percent to $6.8 trillion.

The largest component of AGI, salaries and wages, increased 6 percent to $4.98 billion, while net capital gains rose 53.2 percent to $442.1 billion. Taxable income increased 10.6 percent to $4.6 trillion.

For 2004, taxpayers filed 132.4 million U.S. individual income tax returns, an increase of 1.4 percent from the 130.4 million returns filed for 2003. Total income tax revenue increased 10.7 percent to $830.4 billion, and total tax liability increased 10.5 percent to $870.3 billion.

The bulletin also contains other tax information.

During 2003 and 2004, tax-exempt organizations filed an estimated 35,103 Forms 990-T, Exempt Organization Business Income Tax Returns, for tax year 2002.

Unrelated business taxable income of $647.2 million and the associated unrelated business income tax of $194.1 million reported for 2002 were decreases of 18.3 percent and 14.1 percent, respectively, compared to amounts reported for 2001.

CCUL changing name

The 72nd annual convention of Colorado Credit Union League will likely be the last for the organization by that name.

The league is expected to return next year with a new moniker.

When hundreds of members of the CCUL descend on The Broadmoor on April 21-22, one of their tasks will be to vote on a proposed name change – The Credit Union Association of Colorado.

What’s the difference between a league and an association?

Nothing, said CCUL president John Dill.

“The reason we’re doing it is to make ourselves more recognizable and easier to find when someone is looking for us,” Dill said.

When people are searching for the state credit union trade organization, they usually look for an association, Dill said.

The name change also is intended to make the organization more accessible and recognizable to state legislators.

Dill said a number of credit union trade organizations from other states have made the switch for the same reason.

Also on the CCLU convention agenda is discussion about ways to attract a younger membership, credit card fraud and how to work with the media.

Wells Fargo increases profit

Wells Fargo & Co.’s first-quarter profit jumped 9 percent, despite a sizable drop in home mortgage revenue.

The increase is a continuation of the bank’s five-year profit streak.

Officials said the bank earned $2.02 billion, or $1.19 per share, during the first three months of the year — the first time Wells Fargo’s quarterly profit has surpassed $2 billion in its 154-year history.

For the same period last year, officials reported net income of $1.86 billion, or $1.08 per share.

The latest reports are in line with Wells Fargo’s recent pattern of reporting quarterly earnings growth near or slightly above 10 percent during most of the last five years.

ID theft bill advancing

Proposed legislation that would create a statewide resource for combating identity theft has won approval from the Colorado House of Representatives and it expected to win Senate approval next week.

HB1347, which was written at the urging of the Colorado Bankers Association, would provide supplemental resources to the Colorado Bureau of Investigation to assist police and district attorneys in investigating and prosecuting identity theft crooks.

The CBA’s work on the bill has garnered attention from other states.

“A lot of people have been calling us and saying they want to use our bill as a model,” CBA President Don Childears said. “Not many states have anything like this in place.”

U.S. Bancorp reports gain

U.S. Bancorp is reporting net income of $1.15 billion for the first quarter of 2006, compared with $1.07 billion for the first quarter of 2005.

Net income of 63 cents per diluted share during the first quarter of 2006 was higher than the same period of 2005 by 10.5 percent, or 6 cents per diluted share.

Return on average assets and return on average common equity were 2.23 percent and 23.3 percent, respectively, for the first quarter of 2006, compared with returns of 2.21 percent and 21.9 percent, respectively, for the first quarter of 2005

Rob Larimer covers banking and finance for the Colorado Springs Business Journal.