Tax Consequences of Legal Settlements: Analyzing Settlement Agreements, Types of Awards, and Attorney Fees
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will explain how to determine whether proceeds from a legal settlement are taxable to a recipient and deductible by a payee. The panelist on the taxation of damage awards and payments will discuss how to analyze settlement agreements for tax consequences and relevant cases concerning these awards.
- Legal settlements: introduction
- Types of settlements
- Taxation of settlement awards
- Deductibility of settlement payments
- Tax reporting and attorney fees included in settlements
- Interpreting the tax language in settlement agreements
- Relevant cases
- Best practices
Our panelist will review these and other critical issues:
- Analyzing a settlement agreement for tax consequences
- What is considered a physical injury?
- When are attorney fees taxable to an award recipient?
- Key tax considerations before a case is settled
- Types of awards that are not subject to tax
Robert W. (Rob) Wood
Mr. Wood has broad experience in corporate, partnership and individual tax matters. Concerning the tax treatment of... | Read More
Mr. Wood has broad experience in corporate, partnership and individual tax matters. Concerning the tax treatment of litigation settlements and judgments, he is perhaps the preeminent tax lawyer in the U.S. In addition, Mr. Wood is a frequent expert witness on tax matters in civil cases, in disputes over independent contractor versus employee classification, class actions, and tax and accounting malpractice cases.Close