IBANYS Newsletter

Here at IBANYS headquarters, the anticipation for Convention 2011 is heating up! We can't wait to see everyone, and fall is definitely one of the best times to travel in New York. We have the same great programs that you were expecting in August, and we are planning some great surprises! Keep an eye on www.ibanys.net and the E-news for updates!

REMINDERS:

Your registration verification form is due tomorrow, September 15th! If you haven't verified that you will be joining us in October, fax or mail ASAP! Thanks!

If you have not contacted the Gideon Putnum or the Hilton Garden Inn yet, please confirm your accommodation needs with them.

You can still be a sponsor at the convention! What better way to get your name out there to over 200 professionals in your field, and for as little as $500!

Click here to find out what you can sponsor today!

IBANYS in the News

The Saratoga Today Newspaper featured IBANYS President & CEO Frank Capaldo and IBANYS board member Chris Dowd in an article entitled Safe Deposit. The September 2nd spread highlighted the strength of community banks, particularly in the Capital Region and Saratoga County.

What a fantastic way to bring attention to our business, and a great precursor to the Annual Convention in Saratoga! If you want to check out the whole article, click here.

Customize Your Letter to the Editor!

The above article was in direct response to IBANYS releasing the Op-Ed to a WSJ article on July 5th falsely insinuating that banks were less willing or able to lend. We sent you the original article and response, but now it is your turn.

We're offering a customizable op-ed piece that you and your business may use to send to local online, print, television, or radio news outlets.
Please feel free to use it at your leisure.

Recently, we received word from President & CEO of Cattaraugus County Bank Sal Marranca that he used the letter we originally provided to craft his own. He told us,

"This letter crafted from YOUR letter for which you took the time & effort to create. As an IBANYS member, my dues were just 'paid for' by utilizing your material. I call that membership VALUE! I thank you."

Let us add value to your membership too. Craft your own op-ed piece using the article from the link below.

Click here!

IRS Brings Tax Breaks to New York State After Irene

The IRS is giving relief to New Yorkers who have homes and businesses damaged during Hurricane Irene. If you live or have a business in a county that has been declared a Federal Disaster Area, you may qualify. Deadlines for taxpayers that fell between August 26th and October 31st are now postponed until October 31st.

The IRS is also waiving failure-to-deposit penalties for employment and excise tax deposits, as long as the deposits were made by September 12th. Additionally, taxpayers may claim property losses on their tax forms that were not covered by insurance or other reimbursements.

For much more information about the IRS tax relief for NYS, visit: http://www.irs.gov/irs/article/0,,id=245000,00.html

Help Inform Customers About Ending Sales of Paper U.S. Savings Bonds

The U.S. Department of the Treasury announced it will end over-the counter (OTC) sales of paper savings bonds on December 31, 2011. While paper bonds will no longer be sold at financial institutions, electronic savings bonds remain available for purchase through TreasuryDirect, a secure web-based system operated by the Bureau of the Public Debt.

The Treasury Department is offering a free toolkit to help financial institutions easily communicate this change to customers. The toolkit contains:

fliers for customers
short messages for account statements
frequently asked questions (FAQ) for employees
web banners
an article for employee newsletters or Intranet

All materials can be downloaded at www.treasurydirect.gov

Savings bonds buyers view financial institutions as trusted sources of information about savings bonds. The toolkit will help you prepare tellers and staff to provide helpful customer service about this change. Financial institutions can best help customers by:

Educating them about the upcoming changes. Let customers know they will no longer be able to buy paper savings bonds at your financial institution or by mail order. You are also encouraged to direct customers to www.treasurydirect.gov where they can purchase, manage, and redeem electronic savings bonds online. Electronic savings bonds are secure and convenient to manage in a TreasuryDirect account, and your customers will no longer have to worry about misplacing, losing or storing paper savings bonds. In addition, with a TreasuryDirect account, customers can purchase electronic savings bonds as gifts and also convert paper savings bonds to electronic ones.

Not accepting applications for paper savings bonds after December 31, 2011. Customers have until the close of business on that day to submit their final purchase applications and funds. Final applications mailed directly to the Federal Reserve by customers must be received by December 31, 2011.

Continuing to redeem savings bonds. There are currently more than 670 million paper bonds worth $181 billion in the hands of the public. Please continue redeeming these paper bonds on behalf of your customers. Also, please inform them that paper bonds which have not yet matured but are lost, stolen, or destroyed can be reissued in paper or electronic form.

For more information, visit www.treasurydirect.gov

Obama Jobs Plan Includes Small Business Provisions

President Obama sent his latest ideas on economic recovery to Congress with the American Jobs Act. The plan is said to be aimed at putting Americans back to work and putting more money in their pockets. The White House says the plan has five major components:

Tax Cuts to Help America's Small Businesses Hire and Grow
Putting Workers Back on the Job While Rebuilding and Modernizing America
Pathways Back to Work for Americans Looking for Jobs
More Money in the Pockets of Every American Worker and Family
Fully Paid for as Part of the President's Long-Term Deficit Reduction Plan

The tax cut plan involves giving to those businesses who are immediately hiring and investing. It would slash the payroll tax small business owners pay from 6.2 to 3.1 percent. There would also be a payroll tax holiday for firms who hire new employees, or who give raises to current employees.

Click here to see the American Jobs Act fact sheet and overview from the White House.