How Litigation Settlements and Judgments Are Taxed

Robert W. Wood
Robert W. Wood | Wood LLP

Rob Wood is a tax lawyer with a nationwide practice at Wood LLP. He writes tax opinions, serves as an expert witness, and handles tax audits and disputes.

On-Demand: October 24, 2023
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1.5 hour CLE
Tuition: $195.00
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Program Summary

When any dispute is resolved, there are tax issues for plaintiffs and defendants. And there are usually tax advantages to be obtained in documenting settlements. We will cover the basic tax rules every litigant—and every lawyer—should know. Since the tax treatment of legal fees features prominently, we will cover that too, along with when legal fees can—and cannot—be deducted.

Key topics to be discussed:

  • Tax treatment of personal physical injury recoveries, how physical must it be?
  • Tax treatment of employment settlements, wages, Form 1099, etc.
  • Which plaintiffs need to worry about the tax treatment of legal fees?
  • Taxing fire, insurance, construction, and other property based recoveries
  • Settlement agreement drafting tax tips

Date / Time: October 24, 2023

Closed-captioning available

Speakers

obert W. Wood_myLawCLERobert W. Wood | Wood LLP

Rob Wood is a tax lawyer with a nationwide practice at Wood LLP. He writes tax opinions, serves as an expert witness, and handles tax audits and disputes. But he is best known for advising on the tax treatment of legal settlements and judgments. He is the author of Taxation of Damage Awards and Settlement Payments (5th Ed. 2021) and writes for Forbes and other publications.

Agenda

I. Tax treatment of personal physical injury recoveries, how physical must it be? | 2:00pm – 2:20pm

II. Tax treatment of employment settlements, wages, Form 1099, etc. | 2:20pm – 2:40pm

III. Which plaintiffs need to worry about the tax treatment of legal fees? | 2:40pm – 3:00pm

Break | 3:00pm – 3:10pm

IV. Taxing fire, insurance, construction, and other property-based recoveries | 3:10pm – 3:25pm

V. Settlement agreement drafting tax tips | 3:25pm – 3:40pm

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