Do you have a structured settlement? The structured settlement cash now guide can help you get a cash payment quote. Find out how to - Cash In a Structured Settlement.

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Use Form 8876 to report and pay the 40% excise tax imposed under section 5891 on the factoring discount of a structured settlement factoring transaction. File a separate Form 8876 for each date on which you received structured settlement payment rights in one or more structured settlement factoring transactions.

Generally, you must file Form 8876 if you acquire directly or indirectly structured settlement payment rights in a structured settlement factoring transaction entered into after February 21, 2002.

READ - However, do not file Form 8876 if the transfer of structured settlement payment rights was approved in advance in a qualified order, as no excise tax is due.

File Form 8876 by the 90th day following the receipt of structured settlement payment rights in a structured settlement factoring transaction.

If you need more time, file Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns, by the due date of Form 8876. Form 7004 does not extend the time for payment of tax.  Interest. Interest is charged on taxes not paid by the due date at a rate determined under section 6621. Late filing of return. Generally, a penalty of 5% a month or part of a month, up to a maximum of 25%, is imposed on the net amount due if Form 8876 is not filed when due. This penalty will not be imposed if you have reasonable cause for not filing on time. If you do, attach an explanation.

Read more at IRS
http://www.irs.gov/pub/irs-pdf/f8876.pdf