Litigation & Arbitration,
Tax,
Civil Litigation
Aug. 17, 2018
Tax rules for settlements and judgments after tax reform
Here are a few updated rules lawyers and clients should know about the taxation of settlements.
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.
It is a common occurrence for lawyers and clients to resolve disputes, typically with an exchange of money and a release. Last year, I wrote a summary of the tax rules that apply in this common situation. See Robert W. Wood, "Tax Rules for Settlements and Judgments" (Feb. 7, 2017). This is an update to reflect the passage of the Tax Cuts and Jobs Act (P.L. 115-97) last year. The tax changes impact the tax treatment of attorney fees in a variety of cases, as well as se...
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