Lately, I’ve been hearing more regularly about plaintiffs who sell their legal claims, and I am increasingly being asked about the tax impact. Sales or assignments of legal claims have always been an interesting and quirky topic. I am only a tax lawyer, so it is important to caution that there may be a variety [...]
It is only natural to be worried about being audited by the IRS. Even if you think your tax return is pristine, gathering receipts is no fun, nor is explaining what you did and why. If your tax returns have unusual or aggressive items, it can be way worse. So how long must you worry? [...]
Most defendants routinely issue IRS Forms 1099 for legal settlements, which may be directed to the attorney, the client, or both. It is common practice for both the client and attorney to each receive Forms 1099 reporting 100% of the settlement proceeds. This can create the impression that double the settlement amount was paid, but [...]
Disaster victims get big tax benefits from federal disaster declarations. In fact, it can make your wildfire settlement tax-free. As such, you might logically assume that it is always 100% whether your particular disaster gets the helpful federal nod from the Federal Emergency Management Agency. But in the case of wildfires, is it always so [...]
Suppose that your uncle loans you money, but later tells you not to worry about paying him back? Or suppose that you take a business loan, but the lender eventually gives up on trying to collect and tells you that your debt is forgiven? Can either one somehow be taxed? Yes, they can. With the [...]
Suppose that your uncle loans you money, but later tells you not to worry about paying him back? Or suppose that you take a business loan, but the lender eventually gives up on trying to collect and tells you that your debt is forgiven? Can either one somehow be taxed? Yes, they can. With the [...]
In today’s fast-paced work environment, burnout has become a common issue affecting employees across all industries. Whether you’re working a high-stress job, juggling multiple responsibilities, or feeling overwhelmed by unrealistic expectations, burnout can creep in and take a toll on your mental, emotional, and physical health. If left unchecked, burnout can lead to exhaustion, reduced [...]
In today’s fast-paced work environment, burnout has become a common issue affecting employees across all industries. Whether you’re working a high-stress job, juggling multiple responsibilities, or feeling overwhelmed by unrealistic expectations, burnout can creep in and take a toll on your mental, emotional, and physical health. If left unchecked, burnout can lead to [...]
In today’s increasingly digital age, title and deed fraud has become a growing threat to homeowners. Criminals are exploiting vulnerabilities in real estate records, scamming unsuspecting property owners, and stealing homes right from under them. This alarming trend affects both seasoned homeowners and first-time buyers. Being informed and vigilant can help you safeguard your property [...]
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