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
Homeowners’ insurers have settled nearly 70 percent of claims resulting from Hurricane Katrina in Louisiana and Mississippi, according to the Insurance Information Institute.
The institute estimates that as of Jan. 24 more than 732,000 homeowners’ claims have been settled for a total of $11.4 billion. Continue Reading Most Katrina homeowner insurance claims settled
The Federal Deposit Insurance Corp. has scheduled public hearings next month to discuss Wal-Mart’s application for federal deposit insurance.
Wal-Mart is proposing to create the Wal-Mart Bank, an industrial loan company that would be headquartered in Salt Lake City.
ILCs are state banks that are supervised and insured by the FDIC. Continue Reading Wal-Mart Bank planned, FDIC holding hearings
If you are one of the many business owners who will need to file an extension this year, you’ll be glad to know the Internal Revenue Service has tried to make the process a little easier.
In a move the IRS says is intended to simplify the extension process, officials have designed a single-standard extension request form, eliminating the need for business owners to have to choose from four different forms. Continue Reading IRS softens the process for business extensions
Internal Revenue Service officials announced this week that they have updated their 2001 tax gap estimates to $345 billion, and they say the complex tax code may be to blame for the disparity.
The tax gap is the difference between what taxpayers should have paid and what they actually paid.
The updated estimate of $345 billion falls at the high end of the $312 billion to $353 billion annual tax gap range. Continue Reading 2001 unrealized tax gap revised to $345 billion
It’s tax season, and that also means it’s tax-scam season.
The Internal Revenue Service has issued the 2006 “Dirty Dozen” – its latest tally of some of the most notorious tax scams.
In recent months, IRS personnel have noted the emergence of two new scams – “zero wages” and “Form 843 tax abatement.” In both cases, filers use IRS forms to claim that their tax bills have been wrongly inflated. Continue Reading IRS has its own version of ‘Dirty Dozen’ abuses
In the latest step of an aggressive expansion plan, Ent Federal Credit Union opened its 20th service center in Stetson Hills on Jan. 28, and the event was a peek at things to come in the Colorado Springs banking world.
The more than 1,000 people attending the grand opening had a chance to operate state-of-the-art ATMs and a safety deposit box security system that measures pressure points on the palms of the hand to identify members. Continue Reading New Ent service center offers technology firsts
Explosive growth in the number of clients it serves has forced Freedom Financial Services to move its operation into a larger space.
President Roy Clennan said the financial planning services business has purchased a 15,500 square foot building at 5455 N. Union, just north of Academy Boulevard. Continue Reading Freedom Financial growing to meet demand
The Internal Revenue Service plans to boost the number of audits it conducts next fiscal year.
And if that’s not enough to get your attention, the added audits are just one of the measures that are part of a renewed effort to crack down on compliance. Continue Reading IRS warns businesses: more audits on the way
It’s been a couple of years since someone from Colorado Springs has held a spot on the Colorado Bankers Association Board of Directors.
But last week, the statewide association announced that Ed Sauer, president and chief executive officer of The Bank at Broadmoor and The Bank at Briargate, had been elected to the board for a two-year term. Continue Reading Bank at Broadmoor’s Sauer to serve on state board