“We are proud to partner with Amalgamated Bank, an organization that shares our commitment to supporting America’s working families and small businesses,” said Steve Kerrigan, President and CEO of the Presidential Inaugural Committee. “Amalgamated’s reputation for strong customer service will be a valuable asset to the Committee as we work to host the historic second Inauguration of President Obama.”
Amalgamated Bank was founded in 1923 by the Amalgamated Clothing Workers of America so that workers, labor union and progressive social organizations could bank with an institution that represents their interests. Today, Amalgamated Bank’s largest shareholder is Workers United, an SEIU affiliate.
In welcoming the Committee to Amalgamated, Edward Grebow, the Bank’s President and CEO, said, “We are honored that the Presidential Inaugural Committee has selected our bank to play an important role in the President’s second inaugural ceremonies. The Committee joins with other bank clients, including the Democratic National Committee and the Democratic Governors Association, in choosing to bank with an institution that understands and is fighting for the values of hardworking American families. We are very proud to play a role in marking this important date in American history.”
About Amalgamated Bank:
Established in 1923 by the Amalgamated Clothing Workers of America and now owned by its successor Organization, Workers United, Amalgamated bank continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated bank is an FDIC-insured commercial bank. In addition to providing a full range of commercial banking services, Amalgamated’s business including trust and investment management services, commercial real estate finance and retail banking. The Bank operates retail branches in New York, New Jersey, California, Nevada and Washington, DC. The Bank’s customers include hundreds of labor unions, non-profit organizations and political organizations. For more information visit https://www.amalgamatedbank.com/home/home
On Monday, June 13, 2011 announced that The California State Board of Equalization (BOE) sent letters to 12,000 retail businesses in 16 different zip codes statewide notifying them of upcoming visits by BOE specialists. Businesses receiving letters this month are located in: Canoga Park (91303); Tarzana (91356); Hacienda Heights (91745); Solana Beach (92075); Anaheim (92804, 92805); San Luis Obispo (93401, 93405); Vallejo (94589); Campbell (95008, 95009, 95011); and South Lake Tahoe (96150, 96151, 96155, 96158).
These visits are part of the Statewide Compliance and Outreach Program (SCOP) that was launched in September 2008. The BOE Specialists have visited more than 226,000 businesses statewide, with 313 zip codes receiving notifications.The goal of the SCOP program is to verify that all businesses are properly registered, so there is no unfair business advantage over those businesses that are properly registered and reporting their taxes and/or fees. The SCOP program has found that more than 3.5 percent of businesses operating in California do so without the appropriate permits or licenses that allow for collection of sales and use tax, as well as other taxes and fees. Non-compliance is a part of the more than $2 billion sales and use tax gap — the difference between the amount of taxes owed and the amount of taxes paid.The BOE specialists conduct checks for seller’s permits of all storefronts and other known business locations. When the specialists visit, business owners are asked business-related questions and are not asked for personal financial information.
If an owner has specific questions about the inquiries from the BOE specialists, they should call their local SCOP Team (contact information). For general information, contact the Taxpayer Information Call Center at 800-400-7115. There are seven teams of approximately eight people each located throughout the state that conduct door-to-door visits based on zip code.
Registered retailers, as well as service industry businesses, will be checked for appropriate permits and licenses. Those businesses found to be out of compliance will be given instructions on how to register with the BOE and given information about other necessary licenses.The five-member California State Board of Equalization (BOE) is a publicly elected tax board.
The BOE collects more than $48 billion annually in taxes and fees supporting state and local government services. It hears business tax appeals, acts as the appellate body for franchise and personal income tax appeals, and serves a significant role in the assessment and administration of property taxes. For more information on other taxes and fees in California, visit www.taxes.ca.gov.
For more information on the Statewide Compliance and Outreach Program (SCOP), visit www.boe.ca.gov/sutax/SCOP_Overview.htm.
Editor’s Note: The Golden State officials are desperate for money, but this only apply to businesses who have register for a permit from the Board of Equalization in CA. With a permit from the Board of Equalization business owners do not pay taxes when they buy in wholesale at the point of purchase, they pay use of taxes at the end of the year. Check with your accountant for more current information.