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First-party collection agencies tend to nurture more constructive relationships with the second-party (called consumers or debtors) and are involved in the early months before they selling or passing the debt on to a third-party. The first-party writes off most of the value of the debt in the sale to a third-party collection agency. [38]: 62–3
If a taxpayer realizes income (e.g., gain) from an installment sale, the income generally may be reported by the taxpayer under the "installment method." [5] The "installment method" is defined as "a method under which the income recognized for any taxable year [ . . . ] is that proportion of the payments received in that year which the gross profit [ . . . ] bears to the total contract price."
In the United States, the Internal Revenue Code allows the Internal Revenue Service (IRS) to divert overpayments of taxes to satisfy other federal taxes, [1] certain past-due support obligations, [2] debts owed to other Federal agencies, [3] state income tax obligations, [4] county taxes, local taxes and unemployment compensation debts. [5]
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Your Gas Costs Are Terrifying. In 2018, Reuters reported that the average fuel economy for cars and trucks rose to a record 24.7 combined mpg. You, however, can do a lot better than that with ...
When you sell your vehicle, your car insurance policy doesn’t transfer to the new owner. Instead, you’ll need to contact your insurance company to discuss next steps.
Various objects can be repossessed, including boats and aircraft, but most repossession agencies focus on car repossession. The repo agent normally uses a tow truck or pickup truck with a special towing attachment called a boom. They also may obtain the key from the car owner. Usually, the vehicle owner must be notified of a repossession.
Privatized tax collection occurs wherever the state passes on its obligation to collect taxes to private companies or firms in return for a fixed or ad valorem fee. This contrasts with tax farming where a private individual or organization pays off a predetermined tax debt, and subsequently recoups that payment by collecting money from the people within a certain area or business.
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