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Taxation of Judgement and Settlements (Z2-613)

100 Minutes
On demand - Video

On Demand - Video

2 CPE Credits in TX

OVERVIEW

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.

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

  • 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.

COURSE LEVEL

Basic

PREREQUISITES

None

INSTRUCTOR

Allison McLeod

Allison M. McLeod, CPA, LL.M., J.D.

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PRICING

$58.00 - Member

$78.00 - Nonmember

ADDITIONAL OPTIONS

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COURSE DEVELOPER

CPA Crossings

AREAS OF INTEREST