Taxation of Damages, and Reporting and Withholding Rules for Litigation Settlements and Judgments
The taxation of damages is something every attorney should consider earlier rather than later because if you identify tax issues too late, an opportunity to allocate part of a recovery to (A) nontaxable claims or (B) claims for which attorney fees are fully deductible may be lost. Similarly, the employment tax and information return issues need to be considered early to avoid nasty surprises at the end of the process. Both plaintiff and defensecounsel should be sensitive to these issues because, after all, at the end of the day the after-tax recovery and the after-tax cost is the paramount concern of both plaintiffs and defendants, respectively
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