Tax
Jul. 23, 2010
Should You Change Your Fee Agreements to Deduct Advanced Costs?
Should you switch from a net fee contract to a gross fee contract if the IRS approves a deduction for client costs in contingent fee litigation? David Higgins of Higgins Settlement Law provides answers.
The Internal Revenue Service is about to announce a change in the deduction by attorneys of costs paid on behalf of clients in contingent-fee litigation. That announcement is probably going to permit all attorneys who have "gross fee" contingent-fee contracts with their clients to deduct those costs and to continue to deny the deduction to those attorneys who have "net fee" contracts.
The change is in ...
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