Tax

Illinois Homeowners Fight Back as Controversial Tax Sale Practices Face Legal Challenges

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CHICAGO — An obscure practice in Illinois that allows private investors to seize millions in homeowner equity is increasingly facing legal scrutiny. This practice, long utilized by county treasurers, involves selling unpaid property tax debts to private firms, which can in turn take ownership of homes when homeowners fail to pay their debts and interest. Under this system, homeowners find themselves at risk of losing the full value of their properties, despite often owing only a small fraction of that amount. The rising rate of lawsuits against this practice highlights the growing concern over its … Read more

Comcast Challenges Washington’s Controversial Advertising Tax in Landmark Lawsuit

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SEATTLE — Comcast has filed a lawsuit against the state of Washington, claiming that a newly imposed tax on advertising violates both state and federal law. The cable giant contends that this tax, introduced by state lawmakers, unfairly targets businesses engaged in advertising, impacting their operational costs and financial viability. The legislation in question imposes a 5% tax on advertising revenues generated within the state. This tax, according to the complaint, specifically burdens media companies, and Comcast argues that it could hinder job creation and deter investment in the local economy. The company emphasizes that … Read more

Illinois Tax Sale System Faces Legal Reckoning as Supreme Court Ruling Sparks Calls for Reform

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Illinois homeowners are facing significant challenges amid a legal upheaval that has emerged after a recent U.S. Supreme Court ruling deemed certain practices surrounding property tax sales unconstitutional. The ruling, which took effect in 2023, has cast a spotlight on a system that has allowed private investors to claim equity from homeowners who fall behind on their property taxes, raising concerns about the financial ramifications for counties. For many years, county treasurers across Illinois could collect unpaid property taxes by selling the debts to private entities. Homeowners who failed to pay back these debts could … Read more

Vanguard’s Updated Settlement on Mutual Fund Tax Bills Gains Judicial Green Light

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A federal judge in Philadelphia has given the green light to a revised settlement proposed by Vanguard Group concerning tax liabilities linked to its mutual fund operations. The settlement addresses potential tax implications and will affect millions of dollars in capital gains distributions that investors may encounter when determining their tax obligations. The original class-action lawsuit emerged when investors raised concerns about Vanguard’s handling of mutual fund taxes. They alleged that the company failed to properly communicate the tax consequences of capital gains distributions, leaving many at risk for unanticipated tax liabilities. This led to … Read more