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.”
OK, if you thought your last business tax bill was big, consider what drug maker GlaxoSmithKline recently shelled out to the tax man. This week, GSK paid $3.4 billion to the Internal Revenue Service — the largest tax settlement in the history of the agency. The settlement stems from a transfer pricing dispute that stretches back to the 1980s.
The banking industry in Colorado has seen better days, to be sure. But when compared to banks in the West, Colorado’s financial institutions have fared relatively well. The Federal Deposit Insurance Corp.’s latest profile for Colorado showed that, for the 145 institutions in Colorado, return on assets — a measure of profitability — increased 0.63 […]
Gary Markle has been named market president of Central Bank & Trust in Colorado Springs. He starts Aug. 8. Markle’s banking background includes commercial lending, bank auditing and interest rate risk management. He left banking to form Sendero Corp., a software company that developed the first modeling tools for bank interest rate risk management. He […]
They rival Baby Boomers in numbers at 80 million strong. The lucky ones have received or are in the process of obtaining a college education, and have found or will find their place among the professional workforce. Some have learned hard lessons from the generations preceding them, view “debt” as one of the worst four-letter […]
The price of oil surged to $101 per barrel Wednesday, as the U.S. and other countries tried to make it easier for banks to lend money and keep the global economy growing. The Federal Reserve said it will team up with the European Central Bank, the Bank of England and the central banks of Canada, […]
“Despite the headwinds and shocks we’ve received, the economy has been holding up quite a bit better than most economists expected,” said Scott Anderson, senior economist for Wells Fargo Economics. Notwithstanding “the largest oil price shock since 1979, the worst credit crunch since the early ’90s, and the worst home-price declines since the Great Depression” — we have “good news.”
In the midst of negotiations with a landlord for new office space, Lisa Hamilton needed a loan. Four large banks refused to lend her the money without SBA funding — but she didn’t have time for that lengthy process. An optometrist, she owned two Pearle Vision franchises and wanted to open a third location. Hamilton […]
Things are not always what they seem. Trite, but true. If national headlines scream “Another bank fails,” when actually it was an unregulated private lender that failed, it does a disservice to Main Street, said Don Childears, president and CEO of the Colorado Bankers Association, during a Colorado Springs Executives Association meeting. “Nine of 10 […]
Although he expected a “sluggish and mild environment” during the beginning of the year, Keith Hembre, chief economist and chief investment strategist for FAF Advisors, said that the economy was instead moderate, with stable unemployment and robust corporate earnings. But that’s not all that happened in the economy, he told the audience at U.S. Bank’s economic update breakfast at The Antlers Hilton.
Average investors have a “permanent buy-side bias,” said John O’Donnell, chief knowledge officer of Online Trading Academy. Sounds serious, if not terminal — but it can be overcome. “Part of the challenge is to bridge the gap between the public’s perception and reality,” he said. People “always look to buy something of good value — […]