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Taxation of Judgements and Settlements

  • 10/01/2022
  • 11:00 AM - 1:05 PM
  • Webinar-ACPEN

Registration


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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.

**Please Note: 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.

          Learning Objectives: 

          • 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. 

          Key Topics:

          • 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. 
                                                                                                              Designed for:  This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, CAs Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise businesses that have tax implications.  All in-house and public practice tax professionals will benefit from this timely and insightful seminar. 

                                                                                                              Level: Basic

                                                                                                              Instructor: Allison McLeod

                                                                                                              Developer: Allison M. McLeod

                                                                                                              CPE Credits: 2.4

                                                                                                              Area(s) of Study: Taxes - Technical

                                                                                                              Prerequisite: None


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