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.
DESIGNED FOR
This course is suitable for corporate tax and finance executives, directors, managers and staff, CAs Enrolled Agents and CPAs
BENEFITS
- Obtain a working knowledge of the IRC, Treasury Regulations and case law governing the taxation of litigation payments.
- Be able to differentiate between the different types of damage payments and whether they are taxable to the recipient or deductible by the payor.
- Be able to draft pleadings and agreements to order to allocate the payments among the different categories of damages.
- Have an ability to advise clients on the most advantageous manner of categorizing settlement payments.
HIGHLIGHTS
This course will cover tax implications for payments made for:
- Personal injury
- Emotional distress
- Lost wages
- Punitive awards
- Post-judgment interest
- Contract claims
COURSE LEVEL
Basic
ADDITIONAL NOTES
If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.