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Taxation of Judgments and Settlements and the Potential for Tax Advantaged Structures

Identify the potential income tax and tax reporting pitfalls.

Parties to disputes invariably focus on an amount of damages that it is either sought or how much it will take to resolve the dispute. Parties do not typically focus on the potential adverse tax consequences of a particular recovery. This topic will assist the practitioner in identifying the potential income tax and tax reporting pitfalls. Additionally, the practitioner will learn about potential income tax planning mechanisms for deferring potential tax liabilities.

Runtime: 100 minutes
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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

Taxation of Settlements / Judgments

  • Original of the Claim Test
  • Taxable Recoveries
  • Nontaxable Recoveries
  • Allocations of Damage Awards
  • Taxation of Attorneys' Fees
  • Income Tax Deductions

Information Return Reporting

  • Forms 1099
  • Forms W-2
  • Reporting for Non-Taxable Recoveries

Structured Settlements

  • Qualified Settlement Funds
  • Qualified Assignments
  • Nonqualified Assignments
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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

OnDemand Webinar

This course was last revised on October 21, 2019.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • NY CLE 2.0
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • NY CLE 2.0
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

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

Stephen J. Turanchik

Stephen J. Turanchik

Paul Hastings LLP

  • Attorney in tax litigation and controversy practice of Paul Hastings LLP
  • Practice emphasizes all aspects of tax controversy and litigation and federal, state and local levels
  • Regularly conducts seminars and live presentations on the taxation of cryptocurrency, tax consequences of settlements and privilege issues for attorneys and CPAs
  • Adjunct professor at Loyola Law School where he teaches the income taxation of property transactions
  • LL.M. degree in taxation, NYU School of Law; J.D. degree, Fordham University School of Law; B.A. degree in economics, College of the Holy Cross
  • Can be contacted at 213-683-6187 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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
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  • MP3 Downloads
  • Course Manuals
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  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 406411
Published 2019
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