Our “Estate Planning Quick Guide”, provides insight into the current legislation surrounding estate planning, and the ongoing impact of the American Tax Relief Act of 2012 and how it affects you.
We spoke with Signature Bank President and CEO Joseph J. DePaolo regarding the state of the banking industry and what it takes to make a Good Bank. Mr. DePaolo was also recently featured in the May 20th issue of Crain’s New York Business, discussing the potential for a new banking crisis. Signature Bank, with 27 private client banking offices and more than $19 billion in assets, is engaged in the old-fashioned business of providing highly personalized banking services while producing business and commercial real estate loans for small and mid-size companies. During the past decade, Signature Bank has posted 15 consecutive quarters of record earnings. Its stock performance during the past five years is the best of any New York-based bank.
If you own income -producing property in New York City and are not filing an annual RPIE you may be subject to penalties for not filing. The New York City Department of Finance requires the owners or the owners’ representatives (“Owners”) of income-producing property in New York City, that have an actual assessed value of more than $40,000, to file an annual Real Property Income and Expense statement commonly known as an RPIE. The RPIE filing is due on September 3, 2013
An Internal Revenue Code (“IRC”) section (“§”) 403(b) plan (“403(b) plan”), also known as a tax-sheltered annuity (“TSA”), is a salary reduction defined contribution retirement plan for certain ministers and certain employees of public schools or tax-exempt §501(c)(3) organizations. These plans share many characteristics with §401(k) plans and operate under similar statutory and regulatory requirements. For example, employee salary reduction contributions to a 403(b) plan are excluded from an employee’s gross income and earnings on the plan’s assets accumulate on a deferred tax basis. In addition, amounts become taxable only upon receipt and rollovers are available to IRAs, other 403(b) plans, qualified plans, and governmental 457(b) plans. Yet, a 403(b) is not a qualified retirement plan.
Defining what is a “Good Bank” can lead to us to reflect on a number of important considerations. Can a financial institution balance its role in the economy, social conscience, servicing clients and maximizing profits for its shareholders?
It’s a well-known fact that the Federal Deposit Insurance Corp. (FDIC) insures deposits in banks up to the first $250,000 in any single bank. Any funds on deposit over this amount are considered uninsured and subject to loss if a bank were to go into bankruptcy. These rules apply to commercial bank accounts as well […]