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Live Webinar

90-minute live streaming program
  • August 12
  • 1:00 - 2:30 pm EST

Latest Guidance on the Tax Treatment of Settlement and Damage Awards

August 12

Knowing how to treat taxes in settlements and damage awards can save you time and money when it comes to dealing with tax laws.

This topic will focus in on and explore practical strategies for dealing with the important tax aspects of personal injury, commercial, employment and other lawsuit awards and review the many traps for the unwary. Confusion and litigation abound relative to the taxability of damages for commercial awards; personal injuries or sickness; differentiate for damages for nonphysical injuries such as gender and age discrimination or in harassment cases; punitive damages; interest on deferred awards payouts; tax issues in structured settlements; tax issues differing from state to state and many other clear as mud issues. In some cases lawsuit awards and settlements can be wholly or partially tax-free. In others, they can even be fully taxable. Additionally, personal injury victims can wind up paying income tax on money that goes to their attorneys. Many clients may not understand any of this but is necessary and important that valuation and litigation support consultants as well as attorneys have a clear understanding of these issues to properly advise their clients. This topic will give practitioners the answers to these and other important questions.

Learning Objectives

  • You will be able to identify and focus in on and practical strategies for dealing with the important tax aspects of personal injury, commercial, employment and other lawsuit awards and review the many traps for the unwary.
  • You will be able to explain how confusion and litigation abounds relative to the taxability of damages for commercial awards or personal injuries or sickness.
  • You will be able to recognize how, in some cases, lawsuit awards and settlements can be wholly or partially tax-free.
  • You will be able to review that many clients may not understand any of this but why it is necessary and important that attorneys and litigation support consultants have a clear understanding of these issues.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Must Know Tax Basics
  • Overview – Tax 101
Consider the Origin of the Claim to Determine Tax Treatment
When Drafting Your Complaint Use the Irc Claim Checklist to Make Sure You Have Included Every Non-Taxable Claim
  • The Internal Revenue Code Provides Every Practitioner a List of Damages for Claims That Would Not Trigger a Tax Recognition Event
When Drafting a Complaint Consider, If Applicable, Including the Causes of Action That Permit a Plaintiff to Deduct the Recovery of Attorney Fees as an Above-The-Line Deduction
  • Attorney Fee Checklist
Do Not Use a Boiler-Plate List of Claims or Damages in a Complaint or Settlement Agreement
Be Precise in Drafting Your Complaint and Settlement Agreement to Reflect Statutory Exclusions
Make Sure Claims for Tax Excluded Items Are Supported in the Trial Record by Testimony, Evidence and the Payor's Intent
Make Sure the Payor's Intent and Information Returns Are Consistent
Consider Your Client's Best Case and Worst Case Net Proceeds Before Commencing Litigation
Consult With a Tax Professional During Each Stage of a Controversy, Negotiation, Litigation, or Arbitration Process
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • CFP 1.5
     
  • The Certified Financial Planner Board of Standards, Inc. has granted 1.5 hours of continuing education credit. Level of Knowledge: Intermediate.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CO CLE 2.0 (Pending)
     
  • This program has been submitted to the Colorado Supreme Court Board of Continuing Legal and Judicial Education for a maximum of 2.0 hours of CLE. Subject to approval.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • FL CLE 2.0 (Pending)
     
  • This course has been submitted to The Florida Bar for 2.0 hours of CLE credit. Application pending.
     
  • GA CLE 1.5
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IA CLE 1.5
     
  • Latest Guidance on the Tax Treatment of Settlement and Damage Awards is accredited under the regulations of the Iowa Supreme Court Commission on Continuing Legal Education. It is planned that this program will provide up to a maximum of 1.5 hours of credit toward the mandatory continuing legal education requirements under the Iowa rule.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • KS CLE 1.5
     
  • This course has been approved by the Kansas Continuing Legal Education Commission for a maximum of 1.5 CLE credit hours.
     
  • LA CLE 1.5 (Pending)
     
  • This program has been submitted to the Louisiana State Bar MCLE Committee for 1.5 CLE hours. Approval pending.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MN CLE 1.5 (Pending)
     
  • This program has been submitted to the Minnesota Board of Continuing Legal Education. Approval pending.
     
  • MO CLE 1.8
     
  • This program has been approved by the Missouri Bar for 1.8 hours of CLE.
     
  • MS CLE 1.5 (Pending)
     
  • This program has been submitted to the Mississippi Commission on Continuing Legal Education. Approval pending.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • NC CLE 1.5 (Pending)
     
  • NE CLE 1.5
     
  • Lorman Business Center, Inc. is an accredited CLE sponsor in the State of Nebraska and certifies that this activity has been approved for 1.5 hours of CLE credit in the State of Nebraska.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • OH CLE 1.5 (Pending)
     
  • This course has been submitted to the Supreme Court of Ohio Commission on Continuing Legal Education for 1.5 CLE hours. Approval pending.
     
  • OK CLE 2.0 including Ethics 0
     
  • This course has been approved by the Mandatory Continuing Legal Education Commission of Oklahoma for a maximum of 2.0 hours credit, of which 0.00 hours are credits covering legal ethics.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • TN CLE 1.5
     
  • This program has been approved by theTennessee Commission on Continuing Legal Education for a maximum of 1.5 hours of credit.
     
  • TX MCLE 1.5
     
  • This program has been approved for Minimum Continuing Legal Education credit by the State Bar of Texas Committee on MCLE in the amount of 1.5 credit hours. Lorman Education Services is an accredited sponsor, approved by the State Bar of Texas, Committee on MCLE. This program has been approved by the Texas State Bar College for 1.5 hours of CLE credit.
     
  • UT CLE 1.5
     
  • This program has been approved by the Utah State Board of Continuing Legal Education for 1.5 CLE hours.
     
  • VA CLE 1.5
     
  • This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.5 CLE credit hours.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of Law & Legal Procedure credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • CPE 1.8 including Taxes 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Taxation for 1.5 hours.
     

Who should attend?

This live webinar is designed for attorneys, accountants, controllers, tax managers, CFOs, bankers and treasurers.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Martin H. Abo, CPA, ABV, CVA, CFF

Martin H. Abo, CPA, ABV, CVA, CFF

Abo and Company, LLC

  • Manager and founding member of Abo and Company, LLC Certified Public Accountants
  • Co-managing member of Abo Cipolla Financial Forensics, LLC, an affiliate of the core accounting firm exclusively providing expert witness testimony on financial matters and other litigation support services and business valuations
  • Has comprehensive experience in individual and corporate financial, business and tax planning
  • The majority of his business clients are closely held businesses and professional service firms needing advice and guidance on evaluating the enterprise and establishing/maintaining sound business and financial practices that are also practical
  • Has been providing such services for lawyers and law firms of various sizes and other enterprises covering many industries; clients as well as the banking, insurance, legal and general business communities continue to call upon him to provide unbiased consulting assistance, business valuations and dispute resolution
  • Holds the professional designation of certified valuation analyst from the National Association of Certified Valuation Analysts and has been awarded the designations of ABV, Accredited in Business Valuation, and CFF, Certified in Financial Forensics, by the American Institute of Certified Public Accountants
  • Volunteers time and expertise to many other business and professional organizations including serving as a director of Deborah Hospital Foundation; an active member and served as president of the Estate and Financial Planning Council of Southern New Jersey; is an active member and served as a director of the Chamber of Commerce of Southern New Jersey; serves on the Matrimonial Accounting Interest Group of the NJSCPA
  • Director and treasurer of Exit Planning Exchange-Philadelphia (XPX), whose members include estate planning attorneys, CPAs, investment bankers, wealth management advisors, commercial lenders, executive coaches, M&A attorneys, marketing and management consultants as well as former business owners who now advise fellow business owners on exit planning
  • Can be contacted at 856-222-4723 or [email protected]
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 406224
Published 2019
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