Taxpayers that paid underpayment interest or failure-to-file or failure-to-pay penalties between January 20, 2020, and July 10, 2023, may have viable refund claims. In some cases, the potential recoveries are substantial, but...more
Adequate Interest- The IRS uses the applicable federal rate, or AFR, to determine whether a private debt transaction provides for adequate stated interest for various income or transfer tax purposes. Typically,...more
Are you concerned about how to deal with the IRS on back taxes? Have you received a communication from the IRS, such as a CP14 “Notice of Tax Due and Demand for Payment”? Take a breath, you have more options and time than...more
The Consumer Financial Protection Bureau (CFPB or Bureau) released a new market “data spotlight” on Buy Now, Pay Later (BNPL) that uses actual transaction data from six large providers of “pay-in-four” BNPL loans. The report...more
On December 9, 2025, Decree No. 50.040/2025 was published in the Official Gazette of the State of Rio de Janeiro (“DOERJ”). The decree regulates the special program (the “Program”) allowing for payment in installments of tax...more
An Extension of Credit - When one person lends money to another, the lender expects the borrower to repay the loan by an agreed-upon time. In order to compensate the lender for the borrower’s use of the lender’s money (the...more
On October 10, California Governor Newsom signed Assembly Bill 483 (AB 483) into law, introducing new regulations on early termination fees in fixed term installment contracts. This legislation applies to contracts entered...more
As part of an omnibus 2026 budget bill, New York passed a new law that will broadly govern point-of-sale (POS) installment financing offered to New York residents. The Buy-Now-Pay-Later (BNPL) Act was signed into law in early...more
On May 22, an installment lender disclosed in a securities filing that the CFPB recently withdrew a 2023 order designating the company for supervision. As previously covered by InfoBytes, the CFPB claimed special oversight...more
An installment sale occurs when property is disposed of and at least one payment is received after the tax year of the disposition. See I.R.C. § 453. Under a standard installment sale, the buyer makes scheduled payments to...more
Defaulting on a bank loan in the UAE is regulated by the Commercial Code (federal decree-law No. (50) of 2022) and the Civil Procedure Law (federal decree-law No. (42) of 2022). Further, the Central Bank of UAE issued Loan...more
For the taxable years ending on December 31, 2017, and 2018, Section 965[1] of the Internal Revenue Code required U.S. shareholders (as defined in Section 951(b)) to pay a transition tax on the untaxed foreign earnings of...more
Nevada law requires taxpayers to meet certain prerequisites before seeking judicial review of a Nevada Tax Commission decision. Taxpayers must either pay the amount at dispute or enter into a written agreement with the Nevada...more
The Federal Emergency Management Agency (FEMA) has announced it will allow National Flood Insurance Program (NFIP) premiums to be paid on an installment basis. The final rule implements an installment payment option that was...more
Real estate investors may be familiar with the acronym DST, which in the context of Internal Revenue Code Section 1031 like-kind exchanges, refers to a Delaware Statutory Trust. A 1031 DST is a vehicle by which a seller of...more
IRS issued Tax Tip 2024-37, April 24, 2024, to inform taxpayers that can’t pay their full tax debt or if paying would cause financial hardship, that they should consider applying for an offer in compromise which is a program...more
The March 22 deadline for applying to the IRS Voluntary Disclosure Program (VDP) to repay improperly claimed Employee Retention Credits (ERC) at a discount is just around the corner. The VDP requires businesses to repay only...more
Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more
In the UAE, Bank Loans Offered to Individual Customers are governed by Regulation No. 29/2011 Regarding Bank Loans & Other Services Offered to Individual Customers. Additionally, the Central Bank of the UAE issued Central...more
Recently, Lead Bank and its loan servicer Hyphen, LLC, an online lending platform operating Helix Financial, filed a motion to dismiss a purported class action alleging violations of the Georgia Installment Loan Act (GILA)...more
In previous articles, we’ve discussed how contracts are formed and what options may be available to you when it appears that your counterpart won’t perform its contractual obligations. Assuming your counterpart has failed to...more
On January 9, DFPI issued a consent order against an online platform (respondent) that enables merchants to provide installment contracts to customers. ...more
As looming collection action efforts against delinquent taxpayers intensifies, the Internal Revenue Service is attempting to increase voluntary compliance and payment for outstanding liabilities. The IRS announced automatic...more
This week, the Office of the Comptroller of the Currency (OCC) issued guidance to banks on managing the risks associated with “buy now, pay later” (BNPL) lending. Specifically, the bulletin addresses BNPL loans that are...more
On October 25, for the sixth time since its inception, the Consumer Financial Protection Bureau ("CFPB" or "Bureau") released its biennial report ("Report") evaluating the state of the consumer credit card market. The Credit...more