An ongoing Internal Revenue Service investigation has uncovered that a large number of tax-exempt credit counseling agencies are not complying with tax-exempt operating laws.
During the last two years, the IRS has been auditing 63 credit counseling agencies that generate more than half the industry’s revenue. Continue Reading Widespread tax-exempt fraud uncovered by IRS
The Colorado House of Representatives approved an identity theft bill this week that has become model legislation for other states.
HB1347 was drafted by the Colorado Bankers Association. As worded, it would supply $600,000 annually for statewide ID theft investigation. Continue Reading State ID theft bill one step closer to becoming law
The nation’s banking industry is in particularly good health these days, according to an independent ratings firm.
Bauer Financial, known for its star rating system that assesses banks based on performance, says financial institutions enjoyed one of their best years in 2005.
According to the star rating system, nearly 80 percent of the American banks earned Bauer Financial’s recommended rating of either five stars or four stars in 2005. Continue Reading Banking industry draws healthy ratings in 2005
Taxpayers used the Internal Revenue Service Web site at record levels on April 17 – and during the days leading up to it.
During the week prior to the income tax filing deadline, there were 3,385,936 visits to IRS.gov. That number trumps last year’s 3,337,300. Continue Reading Record online numbers for Web site on tax day
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. Continue Reading IRS releases information about 2004 tax returns
All bankers know they are stars in their own right.
But folks visiting downtown’s First Community Bank on April 7 may have done a double take when they saw their favorite bank employees dressed as movie stars.
It was part of First Community Bank’s “Not Your Typical Day,” theme to celebrate the banks motto of “Not Your Typical Bank.” Continue Reading Bankers become movie stars during atypical day
Colorado stocks appear to be performing twice as well as those from across the nation.
The Standard & Poor’s 500 was up 3.6 percent and the Dow Jones was up 4.1 percent through the beginning of the week. However, companies based in the state saw gains of 8 percent, according to the Bloomberg Rocky Mountain News Index, which tracks the stocks of 114 companies based in Colorado. Continue Reading Colorado stocks doing twice as well as national
The Internal Revenue Service has announced that the number of taxpayers who e-file their taxes from home computers is up almost 17 percent from last year.
So far this season, 70 percent of all returns have been e-filed, compared to 68 percent for the same period last year. Continue Reading More people than ever filing taxes from home
Freddie Mac and the Mortgage Bankers Association are teaming up to persuade Fort Carson’s Hispanic soldiers and their family members to consider a career in mortgage banking.
The Freddie Mac and MBA coalition, called Welcome Home, provides free bilingual training to increase the number of Spanish-speaking mortgage bankers and serve an expected surge in Latino home buyers. Continue Reading Welcome Home initiative targets Hispanic soldiers
The Federal Deposit Insurance Corp. Board of Directors has approved increasing the deposit insurance coverage on certain retirement accounts at a bank or savings institution from $100,000 to $250,000.
The increase, the result of a new law boosting federal deposit insurance coverage for the first time in more than 25 years, will become effective on April 1. The basic insurance coverage for other deposit accounts will remain at $100,000. Continue Reading FDIC retirement account insurance upped: $250K