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A 988 transaction is a transaction described in section 988(c)(1) of the Internal Revenue Code [1] in the United States of America. This transaction occurs when a taxpayer enters into or acquires any debt instrument, forward contract , futures contract , option, or similar financial instrument held in a non-functional currency . [ 1 ]
Back taxes is a term for taxes that were not completely paid when due. [1] Typically, these are taxes that are owed from a previous year. [ 2 ] Causes for back taxes include failure to pay taxes by the deadline, failure to correctly report one's income, or neglecting to file a tax return altogether.
There are two principal types of collection agencies. First-party agencies are often subsidiaries of the original company the debt is owed to. Third-party agencies are separate companies contracted by a company to collect debts on their behalf for a fee. Debt buyers purchase the debt at a percentage of its value, then attempt to collect it ...
In Tuesday’s announcement, the FTC said it estimates the junk fees rule will save consumers up to 53 million hours per year of time spent searching for the total price of live-event tickets and ...
Harris' version of the proposal - exempting tip income from federal income taxes and raising the minimum wage - could increase deficits by $100 billion to $200 billion or more over 10 years ...
He fell behind on payments for that mortgage (and on the one for his house back in Illinois) and ended up some $430,000 in debt. The house eventually ended up in foreclosure.
Some alternatives to the bill included a proposal by Senator David Boren (D-OK), which would have kept much of the tax increase on upper-income payers but eliminated all energy tax increases and scaled back the Earned Income Tax Credit. It was endorsed by Bill Cohen (R-ME), Bennett Johnston (D-LA), and John Danforth (R-MO). Boren's proposal ...
[12] It is often the case that the lower the cost of the school, the more likely a student is to attend. Developed countries have adopted a dual scheme for education; while basic (i.e. high-school) education is supported by taxes rather than tuition, higher education usually requires tuition payments or fees.