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Understanding the Taxation of Damages

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DESCRIPTION

Plaintiffs and defendants both worry about tax issues.  Plaintiffs want tax free money, basis recovery, capital gain, and no withholding or attorney fee tax problems.  Defendants want deductibility and do not want hidden tax traps or reporting problem after the settlement.  We will explore current issues for both sides.  

 

Tax advisers and litigation lawyers alike should learn (i) when it is too early to consider taxes and when it is too late; (ii) the impact of tax indemnity provisions on lawyers and Forms 1099 (including what to issue and why it matters); (iii) the bottom line about capital gain vs. ordinary income; (iv) whether self-serving tax language in settlement agreements is worthwhile; (v) how individuals can deduct legal fees and avoid alternative minimum tax problems; and (vi) how to defend your settlement on audit.

 

Educational Objectives:
• Learn about the tax treatment of various types of damages and penalties in settlements
• Find out how best to structure damages/awards to withstand an IRS audit
• Understand what amount must be included in income and what can be excluded
• Learn about the deductibility of attorney fees
• Understand the treatment of legal fees relating to non-taxable awards or settlements
• Learn about the taxability of accrued interest on court judgments.

 

Who Would Benefit Most From Attending This Event?
Litigation lawyers; employment lawyers; general practice lawyers; tax lawyers; accountants, settlement planners and structured settlement brokers



SPEAKERS

ROBERT W. WOOD , MANAGING PARTNER, WOOD LLP

Considered one of the leading tax lawyers in the United States, Robert W. Wood of Wood LLP (www.WoodLLP.com) is particularly well known for advising on the tax aspects of litigation recoveries.  He is the author of the BNA portfolio on Tax Aspects of Settlements and Judgments (552-3rd T.M.), and the longer treatise, ‘Taxation of Damage Awards and Settlement Payments’ (Tax Institute), and many hundreds of published articles.  He contributes regular tax columns to Forbes, Tax Notes and other publications.