Installment Agreements

News & Analysis as of

House Financial Services Committee Chairman to CFPB on Indirect Auto Investigations: Slow Down. Pull Over. And Show Us Some ID.

Since last March, when the CFPB issued Bulletin No. 2013-02, its highly controversial release warning banks and finance companies that purchase motor vehicle installment sales contracts that, under existing law, any dealer...more

Pa. Amendments to Installment Sales Statutes Require Attention

Changes to two Pennsylvania statutes governing installment sales will take effect on November 27, 2014, as a result of House Bill 1128, signed into law by Governor Corbett as Act No. 2013-98 (Act 98). Act 98 repeals the...more

North Carolina Increases Maximum Installment Loan Rates, Adds Servicemember Protections

On June 20, North Carolina enacted SB 489 to increase from $10,000 to $15,000 the maximum installment loan amount, and to increase the maximum allowable interest rates on installment loans. ...more

Wealth Management Update - June 2013

The June § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.2%, which is a slight decrease from April's rate of 1.4% but remains the same as May's rate of 1.2%. The applicable federal...more

Installment Fees May Still be Considered Premium for Tax Purposes Despite Recent California Appellate Decision

A recent California appellate decision (In Re Insurance Installment Fee Cases, 211 Cal. App. 4th 1395) held that an installment fee – i.e, a fee charged to a policyholder who pays premium in installments under a payment plan...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 5, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PAYMENTS - Excerpt from Payments: CFPB...more

IRS's Fresh Start Program: Opportunity to Resolve Unpaid Tax Obligations

Originally published in The Legal Intelligencer on March 15, 2013. Do you have clients, even friends and family, who may be facing serious financial difficulties and may be unable to pay previous or upcoming tax...more

California Appeals Court Permits Borrowers’ Claims Against Lender Based On Auto Dealer’s Alleged Breach Of Installment Contract

On February 4, the California Court of Appeal, Third District, held the FTC’s Holder Rule allows borrowers to assert claims against a lender assignee that they might otherwise have against the auto dealer with whom the...more

IRS "Fresh Start Program" Offers More Taxpayers Greater Opportunity to Resolve IRS Debts

If you currently owe back income and/or payroll taxes, the Internal Revenue Service's (IRS) recently initiated "Fresh Start Program" may now make either (1) the installment agreement or (2) an Offer in Compromise (OIC) a more...more

Locking in 2012’s Long-Term Capital Gains Tax Rate

Did you sell your business in 2012 and defer any of the purchase price? This could be the case if you financed part of the purchase price (i.e., you took back the buyer’s note), or there was an earnout whereby you receive...more

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