If a class-action lawsuit deals with actual physical injury or illness, for which you incurred medical and other expenses, the IRS treats the proceeds as compensatory. An example would be a company sued by residents living near a factory who have suffered cancers as a result of industrial emis...
The article offers information on the significance of procedure for lawsuit settlements for bad tax advice taxable income under various sections of the U.S. Internal Revenue Code. Topics discussed include the guidelines of the U.S. Internal Revenue Service, the tax-avoidance plan constituting an ...
An individual who is awarded a sizeable monetary settlement after winning a lawsuit is likely to owe federal tax on the amount received. While certain settlements, such as damages for personal physical injuries or physical sickness, are considered non-taxable by the IRS, most other types of damag...
Tax Implications of Class Action Settlements by Elyssa Carlos | Aug 20, 2024 Did you receive a settlement for a class action or personal injury lawsuit? If you have, you could face major tax implications with the IRS. CEO David King and Lead Tax Attorney Philip Hwang provide helpful tips ...
END OF THE RAPID RIP-OFF: AN EPILOGUE FOR QUICKIE TAX LOANS o The Office of Comptroller of Currency issued a Policy Statement setting forth its expectations for national banks making RALs.o The Arkansas Attorney General filed a lawsuit against Mo' Money Taxes for violations of the Arkansas RAL...
T he corporate income tax treatment of interest charged on financing obtained to perform certain types of corporate trans- actions – including distributing dividends, paying out share premiums, or purchasing own shares – has been a point of conten- tion with the Spanish tax authorities in the ...
A coalition of crypto entrepreneurs filed a lawsuit in Texas this week that could force the Supreme Court to take up the all-important question of whether the Securities and Exchange Commission has the authority to regulate most digital assets. The outcome of the fight could determine the future...
CSX says the exemptions are discriminatory in violation of the federal Railroad Revitalization and Regulatory Re- form Act of 1976, which was passed to ensure fair treatment of the railway industry. The U.S. solicitor general intervened and said the state's entire tax regime, and not just its...
lawsuits may be suspect both as to whether the tax was overcollected in the first place and whether the lawsuit is the proper forum to make that determination. It is certainly questionable whether one consumer can represent a class of other consumers when the facts and law might vary from one...