An initiative has been launched that would make a company liable for any tax costs associated with backdated and misplaced stock options that rank-and-file employees might not have been aware of.
Internal Revenue Service Commissioner Mark W. Everson said that the practice of the backdating, which primarily benefited corporate executives and insiders, is widespread and that the initiative would exclude executives and insiders. Continue Reading Companies have option to pay employee penalty
Acordia Inc. is now Wells Fargo Insurance Services.
The fifth-largest insurance brokerage and largest bank-owned insurance brokerage in the United States acquired Acordia in May 2001, but this week announced the name change. Continue Reading Acordia name change shifts focus to insurance
The Internal Revenue Service this week began offering tips for requesting the telephone excise tax refund.
Early tax returns show some people are making basic mistakes, others are requesting excessive refunds and many are missing out on the refunds, altogether. Continue Reading Mistakes, fraud prompt IRS to clarify deduction
The National Chamber Litigation Center is asking the U.S. Supreme Court to dismiss a class action lawsuit filed against leading investment banks for allegedly engaging in anticompetitive conduct while recruiting customers for initial public offerings.
In December, the high court agreed to review the case, Credit Suisse Securities USA v. Glen Billing. The NCLC filed a brief last week with the request to abandon the suit. Continue Reading Chamber asks dismissal of IPO recruiting lawsuit
Colorado’s 164 banks grew assets to $46 billion during the third quarter of 2006, according to the Federal Deposit Insurance Corp.
That was an increase of $3 billion compared to a year earlier at the 175 FDIC-insured banks.
The banks’ median return on assets was 1.29 percent, up from 1.27 percent a year earlier. Pretax ROA was 1.64 percent, down from 1.78 percent. Continue Reading Assets in Colorado banks top $46 billion in Q3 2006
Households worth more than $1 million a year received bigger federal tax cuts from President Bush’s tax overhaul than any group in the country, according to a New York Times report based on study by the U.S. Congressional Budget Office.
Overall, the president’s tax cuts reduced rates for people at every income level, but most significantly for the top 1 percent of earners, according to The New York Times. Continue Reading Richest households get heftiest federal tax cuts
Wells Fargo economists predict healthy economic growth in 2007, and if that weren’t enough good news, they also say U.S. households on average have never been better off in the wealth department.
Growth is predicted despite the current economic slowdown, Federal Reserve interest rate increases, home price declines, higher oil prices and the war in Iraq. Continue Reading Wells Fargo sees healthy economy on tap for 2007
The one word that might best describe the financial services industry in Colorado Springs during 2006 is growth.
Opening new locations, launching new products and tapping into new markets seemed to be on just about every bank and credit union’s mind — except for Bank of America, which decided to close its call center in Colorado Springs. Continue Reading 2006 Financial services industry getting bigger
Chase bank has launched an interactive TV commercial that allows watchers to use their remotes to extend the commercial’s air time.
For those of you that just can’t get enough of banking and credit card pitches, this might sound like a good thing, but beware, the commercials weren’t created for your viewing enjoyment alone — they’ll be used to gather socioeconomic information about your household. Continue Reading Big Brother appears to be Chase’s newest gimmick
Amid predatory lending allegations, Wells Fargo has launched an educational program for those seeking high-interest, subprime loans.
The program, called Steps to Success, gives customers educational resources, direct contact with credit and finance specialists and advice about automatic banking to promote effective money management. Subprime customers are automatically enrolled once their loan is approved. Continue Reading Wells Fargo seeks to educate subprime borrowers