If your creditor settles your debt for more than $600 less than what you owed, the savings may be reported by your creditor to the IRS as Discharge of Indebtedness Income. You understand that Progressive Debt Relief assusmes that you enrolled in its Debt Settlement Plan because you are insolvent, having financial difficulties with your unsecured debts, and/or have used a Debt Settlement Plan to avoid filing for bankruptcy. The IRS website www.ustreas.irs.

Your receipt of monetary relief under the Gallagher Settlement Agreement might have tax consequences for you. Those tax consequences might vary, depending upon individual circumstances. Neither the Plaintiffs nor Gallagher can advise you about any tax consequences that might arise from your receipt of monetary settlement relief. See similar questions...

Debt settlement (also called debt negotiation) is a process of negotiating with your creditors to pay off your credit cards and other unsecured debt (student loans, auto loans, and home mortgages are secured debts, and don't qualify) for an amount less than you currently owe, often at a 40-60% savings. See similar questions...

No. The goal of debt settlement is to reduce the overall amount of the debt, by negotiating agreed payoff amounts with your creditors. Debt consolidation requires you to take a loan to pay off your unsecured debt with secured debt. Debt Consolidation loans transfer the debt from one account to another and typically takes an unsecured debt(s) and changes it into a secured debt (usually your home). See similar questions...

Debt settlement is not right for everyone. It is a more aggressive approach to getting out of debt, but it may help you get out of debt much faster than doing what you are currently doing. Please take your time, ask lots of questions, and make the right decision for your situation. Most debt settlement companies offer a free consultation, so you can determine if debt settlement is right for you. For a list of recommended companies, please visit our debt settlement tips page. See similar questions...

No. Debt Management includes consumer credit counseling, debt reduction settlement, and debt consolidation. Under consumer credit counseling you pay 120% of the debt back over an extended period of time. With Debt Settlement, overall debt is reduced and is paid off in a much shorter time period. See similar questions...

Qualified tuition reductions, such as Ohio University’s Education Benefit, are excludable from an employee’s gross income under Section 117(d) of the Internal Revenue Code. IRS Publication 970, Tax Benefits for Education (http://www.irs.gov/pub/irs-pdf/p970.pdf) further explains the meaning of a qualified tuition reduction. See similar questions...

The acquisition has been structured to qualify as a tax-free reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended. As a result, Macromedia stockholders will not recognize gain or loss for United States federal income tax purposes upon the exchange of shares of Macromedia common stock for shares of Adobe common stock, except with respect to cash received in lieu of fractional shares of Adobe common stock. See similar questions...

Because reverse mortgages are considered loan advances and not income, the IRS considers them to be not taxable. Similarly, having a reverse mortgage should not affect your Social Security or Medicare benefits. If you receive SSI, Medicaid, or other public assistance, your reverse mortgage loan advances are only counted as "liquid assets" if you keep them in an account past the end of the calendar month in which you receive them. See similar questions...

None. The Internal Revenue Service has ruled that there are no tax consequences to the client, the lawyer, or MLSC. Also, there are no IRS reporting requirements for the lawyer, financial institutions or client since all IOLTA accounts will use the tax identification number of MLSC (Tax I.D. number 521266744). -back to top- See similar questions...