In the course of legal actions, payments may be made pursuant to a final disposition of a court case or a mutually agreed-upon settlement. This course will cover the tax implications for payments made for personal injury, emotional distress, lost wages, punitive awards, pre- and post-judgement interest, contract claims, among other damages. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation you will be able to...
- Obtain a working knowledge of the IRC, Treasury Regulations and case law governing the taxation of litigation payments
- Distinguish between the different types of damage payments and whether they are taxable to the recipient or deductible by the payor
- Draft pleadings and agreements to order to allocate the payments among the different categories of damages
- Advise clients on the most advantageous manner of categorizing settlement payments
Major Topics
The major topics covered in this class include:
- Types of damages or remedies that can be awarded or agreed upon pursuant to litigation
- Review of the Internal Revenue Code and regulations governing the taxation of various types of litigation payments
- Suggestions for drafting pleadings or settlement agreements
