Tax
Jun. 3, 2017
Government settlement write-offs may be in jeopardy
This year, Sens. Elizabeth Warren and James Lankford reintroduced the Truth in Settlements Act. It would increase transparency for settlements between federal agencies and corporations accused of wrongdoing.
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.
Business defendants concluding litigation want to pay the money, deduct it, and move on. That is often true in private party litigation too, but it can be especially true in suits and investigations brought by the government, where the stakes can be much higher. Among the many factors at play in such unhappy cases, there are usually tax considerations.
The government may push for explicit provisions about tax deductibility, saying that the defendant will not claim deductions. The def...
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