Relief

Oregon Senate Passes Bill to Provide Tax Relief for Wildfire Survivors, Allowing Them to Keep More of Their Settlements

by

SALEM, Oregon — The Oregon Senate unanimously passed a bill on Wednesday that aims to provide financial relief to survivors of wildfires in the state. Sponsored by Senator Brian Boquist, the bill, known as Senate Bill 1520, introduces a tax exemption for court awards and settlements related to wildfires. The legislation comes in response to several lawsuits filed against PacifiCorp, which a jury found responsible for sparking four Labor Day wildfires in 2020. Survivors of these wildfires have received millions of dollars in settlements and awards. However, due to federal tax laws, they have only … Read more

The Texas Two-Step Bankruptcy Tactic Fails to Provide Desired Relief, Ignites Controversy: A Closer Look

by

Austin, Texas – The controversial “Texas Two-Step” bankruptcy cases, which involved corporations using the tactic of restructuring and subsequently filing for bankruptcy to delay mass tort liability, have proven to be unsuccessful. Companies such as Best Wall, DBMP, Aldrich Pump/Murray Boiler, and most recently, LTL, have all attempted this strategy without success. These failed attempts have garnered significant attention, with critics including the U.S. Senate expressing strong opposition. The concept of the Texas Two-Step has muddled the discussion surrounding the legitimate interests of both public companies seeking “finality” in resolving claims and plaintiffs who want … Read more

IRS Implements Positive Changes for Taxpayers: Wider Brackets and Higher Deductions Bring Relief

by

Corpus Christi, Texas – The Internal Revenue Service (IRS) is unexpectedly bringing some good news for taxpayers filing their federal tax returns this year. Recognizing the recent surge in inflation, the IRS has made two significant changes that should benefit most taxpayers. Firstly, tax brackets have been expanded. Stacy Trevino, owner of Danny’s Income Tax Service, explained that tax brackets have been adjusted up by a record 7%. This adjustment means that individuals with a relatively stable income could find themselves in a lower tax bracket, resulting in a lower tax rate. Trevino emphasized, “If … Read more

Property Management Company Settles Federal Lawsuit for Violating Rights of Navy Sailor under Servicemembers Civil Relief Act

by

Newport News, VA – McGowan Realty LLC, which operates as RedSail Property Management, has settled a federal lawsuit in response to allegations of violating the Servicemembers Civil Relief Act. The lawsuit accused the company and one of its landlord-homeowners of imposing charges and additional rent on a Navy sailor in Virginia Beach who received permanent change of station orders. The settlement, amounting to $13,225.65, was reached after a 14-month legal battle in the U.S. District Court for the Eastern District of Virginia. Under the Servicemembers Civil Relief Act, service members are allowed to terminate a … Read more