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.
For a while, it seemed as though regulatory red tape would prevent Central Bancorp from opening a local bank branch. Central already had wealth management, mortgage, title and insurance operations at its downtown office, but had long wanted to add full-service banking to its array of services. Although the Federal Deposit Insurance Corp. wouldn’t authorize […]
Morgan Stanley said Tuesday that its U.S. wealth management business, Morgan Stanley Smith Barney, has been renamed Morgan Stanley Wealth Management. The business manages $1.7 trillion in client assets through a network of 17,000 people in 740 locations. Earlier this month, the company reached a deal with Citigroup Inc. to increase its majority stake in […]
Omaha Financial Holdings Inc. is purchasing Golden-based Peak National Bank. The transaction is expected to be completed within 150 days, subject to closing conditions and necessary approvals. Terms of the agreement were not disclosed. The acquisition is the first for Omaha Financial Holdings, a subsidiary of Mutual of Omaha created/chartered in 2007. No significant changes are anticipated in the management or personnel at Peak National Bank. Peak National Bank opened its first location in Nederland in 1986. It now has locations in Bergen Park/Evergreen, Conifer, Lakewood, Golden, Highlands Ranch and Idaho Springs. Mutual of Omaha had consolidated assets of more than $19 billion in 2006.
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.
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.
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.
Citigroup Inc., the largest U.S. bank, lost $20 million buying and selling gold and silver in 2002 and 2003, after a trader hid contracts and reported bogus prices, according to a New York Stock Exchange report. A good portion of those losses can be attributed to Citigroup trader Gail Edmonds.
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.
Ent Federal Credit Union will celebrate the grand opening of its Jackson Creek Service Center, 16050 Old Forest Point, from 10:30 a.m. to 2 p.m. Aug. 18. The 4,000 square-foot service center was designed by architects Keys and Associates and has three drive-through lanes, 24/7 ATMs with cash and check imaging capabilities, and biometric accessed safe deposit boxes.
As Donna O’Bryant likes to say, “100 percent of Americans know there’s a 50 percent chance their candidate won’t get elected.” By now, everyone knows whether or not his or her candidate of choice was elected. And if the person you voted for did not win — “take comfort in knowing there are a lot more moving parts in the White House than just who’s elected president,” said O’Bryant, a local financial adviser for Edward Jones.
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.