Tax
Feb. 27, 2020
Navigating taxes in employment cases and other legal settlements
All plaintiffs collecting money care about taxes, and the tax treatment of litigation damages is varied and complex. But the rule for compensatory damages for personal physical injuries, say a serious auto accident, is supposed to be easy.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
All plaintiffs collecting money care about taxes, and the tax treatment of litigation damages is varied and complex. But the rule for compensatory damages for personal physical injuries, say a serious auto accident, is supposed to be easy. There, the compensatory damages should be tax free under Section 104 of the tax code.
In employment cases, damages are usually taxable, and usually at least partially as wages. Nearly every employ...
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