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The Tax Consequences of Legal Settlements On-Demand Webinar

Summary

Lawsuits can create a stressful situation for your client - no matter whether they're the ones doing the suing or being sued. If they walk away with a check, it is your job as their tax preparer to determine if the amounts are taxable. The first step to determining this is to figure out if any of the lawsuit or settlement proceeds constituted punitive damages. More often than not, all punitive damages are taxable whether received in relation to a physical or non-physical injury or sickness. During this webinar we will address how to make this determination, as well as where you can deduct the legal fees incurred by your client.

Objectives

Upon completion of this course, you will be able to:

  • Determine whether a settlement is taxable.
  • Identify when a settlement is not taxable.
  • Accurately deduct legal fees.

Course Details

This webinar includes the presentation slides, exam questions, live webinar recording with review questions, and Attendee Top Questions. CPE is issued after exam is successfully completed.






   

Presented by: Genaro Cardaropoli, CPA

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