by Structured Settlement Watchdog
When you receive a gift, one learns from an early age that it's good manners to say thank you to the actual source of the gift.
We are approaching the 8th anniversary of one of the silliest statements of misplaced gratitude by a structured settlement consulting firm and the 4th anniversary of the Northeastern USA structured settlement consulting firm doubling down on the silliness.
Silly Structured Settlement Statements (say that 10 times really fast). Breathe deeply. OK, let's move on to "the double deuce"...
- "Structures are "The Greatest Gift the IRS ever gave to injured individuals" August 2015
- "Structures are not only the greatest gift the IRS provided to injured to injured individuals" but also the goose and its golden eggs" March 2021
The statements by the Northweatern USA structured settlement consulting firm demonstrate an unfortunate, yet hard to believe, apparent and ongoing (judging by continued publication) lack of familiarity with the roles of Congress, the power granted to Congress to levy taxes by the United States Constitution, and the role of the Internal Revenue Service (IRS)
The Different Roles of Congress and the IRS with Respect to Taxes
- In the United States, the Congress passes tax laws and requires taxpayers to comply.
- The taxpayer’s role is to understand and meet his or her tax obligations.
- The IRS role is to help the large majority of compliant taxpayers with the tax law, while ensuring that the minority who are unwilling to comply pay their fair share. [ Source: IRS.gov The Agency Its Mission and Statutory Authority]
Who Deserves Thanks?
Thank you Congress of 1982. Thank you President Reagan for signing the Periodic Payment Settlement Act of 1982 into law on Janauary 22, 1983 and Thank you to the pioneers of the structured settlement industry and industry lawyer for their advocacy in those early days. Finally, thank you to members of Congress and our industry over the ensuing 40 plus years who have carried the torch and shared our story to those it needed to be shared to, and members of the IRS, such as Mike Montemurro and others who took the time to understand the value of what our industry does and provide guidance and assitance as new product applications were introduced over the years.
When last checked on January, 27, 2024, nearly 3 years after this post was first published, the subject Northeastern USA strucured settlement company website still showed "Copyright 2020" in the footer on each and every page of its website. "Does Anyone Really Know What Time It is...Does Anyone Really Care?"-ChicagoTransit Authority
Last updated January 27, 2024