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A structured settlement factoring transaction is a means to raise liquidity where there is no other viable means, via the transfer of structured settlement payment rights, for items such as unforeseen medical expenses, the need for improved housing or transportation, education expenses and the like, or in a situation where the individual has simply spent all his or her cash.
According to Internal Revenue Code Section 61, all payments from any source are considered gross income unless a specific exemption exists. When you win a settlement, it can be difficult to know ...
If you filled up your gas tank between Feb. 20 and Nov. 10, 2015, in certain California counties, you may be eligible for payment. Free cash coming to some California drivers, in the form of gas ...
In a tentative settlement, the Los Angeles Department of Water and Power has agreed to repay customers who were charged too much for sewer service from May 2016 to June 2022. A class-action ...
At 7.25%, California has the highest minimum statewide sales tax rate in the United States, [8] which can total up to 10.75% with local sales taxes included. [9]Sales and use taxes in California (state and local) are collected by the California Department of Tax and Fee Administration, whereas income and franchise taxes are collected by the Franchise Tax Board.
The structured settlement tax rules enacted by Congress lay down a bright line path for a structured settlement. Once the plaintiff and defense have settled the tort claim in exchange for periodic payments to be made by the defendant (or the defendant's insurer), the full amount of the periodic payments constitutes tax-free damages to the victim.
Anyone with questions about the additional Equifax payments is encouraged to contact settlement administrator JND Legal Administration at info@equifaxbreachsettlement.com or by calling (833) 759-2982.
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."