Tax,
Law Practice
Nov. 19, 2020
Lawyers, settlements and taxes
A guide for the unwary
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.
In most cases, Forms 1099 report income. So if you receive a Form 1099 in the mail, open it and check the numbers. You may not be able to change it, but you'll usually need to report it on your tax return. As we will see, one exception is Forms 1099 that report gross proceeds to lawyers. If you believe a Form 1099 is wrong, you may be able to get the issuer to correct or undo it. But that's usually tough unless it's truly an error.
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