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.
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Why Lorman?
Over 33 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 33 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
OnDemand Course
This course was last revised on August 12, 2019.
Call 1-866-352-9540 for further credit information.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. 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, LLC. 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
- Lorman Education Services is a Certified Provider, as recognized by the Colorado Supreme Court Continuing Legal and Judicial Education Committee. This program is approved for 2.0 credit hours.
- CT CLE 1.0
- 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: 1.0 CLE credit(s).
- FL CLE 2.0 including Tax 2
- This course has been approved by The Florida Bar for a total of 2.0 hours of CLE credit. The course is approved for the following: Tax for 2.00 hours.
- HI CLE 1.25
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.25 CLE credit hours.
- IL CLE 1.25
- This course was approved for a total of 1.25 hours of MCLE Credit by the Illinois MCLE Board.
- ME CLE 1.0
- This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.0 hours of CLE credit under M. Bar R. 12.
- MN CLE 1.25
- This program has been approved by the Minnesota Board of Continuing Legal Education for 1.25 hours of credit.
- MO CLE 1.8
- This course qualifies for self-study CLE credit in Missouri.
- 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.
- NH MCLE 1.5
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 87 Minutes.
- PA CLE 1.0
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 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.
- UT CLE 1.5
- This program has been approved by the Utah State Board of Continuing Legal Education for 1.5 CLE hours.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 6 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.5
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
- WV MCLE 1.8
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
Virginia MCLE requirements do not allow approval for programs that do not include an audio or audiovisual component.
This program was previously offered as a live webinar. Virginia MCLE requirements do not allow approval for attendance at duplicate programs.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 33 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
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 33 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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