The Internal Revenue Service has announced the 2006 Dirty Dozen, its annual tally of notorious tax scams, along with an alert to taxpayers to watch out for schemes that promise to reduce or eliminate taxes.
“When it comes to taxes, everyone has to pay their fair share,” said IRS Commissioner Mark W. Everson. “I urge taxpayers not to be taken in by hucksters who promise to lower or eliminate taxes. Getting caught up in the Dirty Dozen or similar schemes can lead to big headaches.” Continue Reading Taxpayers should avoid falling prey to Dirty Dozen
The Internal Revenue Service is encouraging business taxpayers, associations and other interested parties to submit topics for resolution involving a controversy, a dispute or an unnecessary burden on taxpayers to the Industry Issue Resolution Program.
The objective of the IIR program is to resolve business tax issues common to significant numbers of taxpayers through new and improved guidance. Continue Reading IRS seeking new issues for resolution program
Vectra Bank Colorado and Amegy Bank of Texas have opened a regional energy banking office in Denver.
Both banks are affiliates of Zions Bancorporation.
The office will provide energy banking services such as lending, treasury management, commodity risk management and trust management for oil, gas and other mineral properties, as well as investment and international banking services. Continue Reading Vectra, Amegy set sights on the energy business
Compass Bank has been purchased by Spanish bank Banco Bilbao Vizcaya Argentaria S.A as part of a $9.6 billion cash and stock deal.
The transaction is expected to close during the fourth-quarter of this year. Continue Reading Compass Bank bought by Banco Bilbao for $9.6B
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