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.
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.
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.
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.
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.
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.
It appears more consumers are turning to the Internet to service their credit card accounts. In the first quarter of 2005, the number of people who manage their credit card accounts online grew 28 percent, compared to the same period in 2004, according to ComScore Networks, an Internet monitoring and research company.
Many Americans will be dreading their first look at credit card statements after this year’s holiday season, but credit counselors are offering advice to make the recovery effort less painful. Here’s the list of the steps they suggest consumers should follow:
With business loans of about $200 million and a single downtown location, First Community Bank is poised to extend its lending reach with a second location in 2006. The bank received approval this month to open a branch near the intersection of Union and Academy boulevards, said First Community Bank Regional Vice President Doug Woods.
Accountants at Biggs Kofford did a double take last week when they saw that tax planning information on the Colorado Department of Revenue Web site had changed. Relying on information they had initially received from the DOR, accountants from the firm released information notifying taxpayers that excess revenue collected under the state’s Taxpayer’s Bill of Rights would not only mean they were entitled a refund from the state but also an opportunity for tax breaks in the form of the expanded Colorado source capital gain subtraction, charitable contributions subtraction, interest and dividend subtraction and the child care or child tax credit.
Retirement planning information just established a new address on the information superhighway. As an alternative to the typical wealth building or retirement planning seminar during a dinner hosted at a local hotel, Legacy Advisors of Colorado Springs is offering another route to become educated about retirement planning options.
The federal bank, thrift and credit union regulatory agencies have issued an amendment to the Fair Credit Reporting Act that allows inquiries into medical information to determine credit eligibility. The amendments, which become affective April 1, will also allow credit affiliates to share medical information.