Taxation of Judgements and Settlements WEBINAR

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.

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.

Prerequisites

None.

Designed For

This course is suitable for corporate tax and finance personnel, CPAs, CAs EAs, accountants, attorneys and business/financial advisors. All in-house and public practice tax professionals will benefit from this timely and insightful seminar.

Objectives

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.

Preparation

None.

Notice

None.