Many plaintiffs in lawsuits worry that they will be taxed on their gross lawsuit settlement, not on their net settlement after legal fees. Some call it a tax on legal settlements, but the situation is often solvable. Indeed, there are still ways to deduct your legal fees. The deduction for legal fees in employment, whistleblower [...]
On this Tax Day, the Internal Revenue Service marks a major milestone: the 70th Anniversary of the April 15 federal income tax filing deadline. Since 1955, April 15 has served as a consistent annual deadline for millions of Americans to file their federal income tax returns, becoming a fixture in the nation’s financial calendar. The deadline [...]
For South Carolinians who wait until the last minute to file their taxes, don’t worry — you have a lot more time this year. South Carolina taxpayers have until May 1 to file both their federal and state taxes this year. The typical deadline to file is April 15. The IRS announced the extension late [...]
Most Lawsuit Settlements Are Taxed By IRS, But Some Are Capital Gain Robert W. Wood Senior Contributor Robert W. Wood is a tax lawyer focusing on taxes and litigation. March 26, 2025 The IRS taxes most lawsuit settlements, and exact wording matters if you are trying to avoid that grim result. However, some settlements can [...]
At a press conference on March 25, state legislative leadership including Speaker of the South Carolina House of Representatives Murrell Smith, Senate President Thomas Alexander, Senate Finance Chairman Harvey Peeler, House Ways and Means Chairman Bruce Bannister, and Americans for Tax Reform President Grover Norquist, joined Governor Henry McMaster to announce proposed state income tax [...]
The Internal Revenue Service today announced its annual Dirty Dozen list of tax scams for 2025 with a warning for taxpayers, businesses and tax professionals to watch out for common schemes that threaten their tax and financial information. Ranging from email schemes to misleading tax credits, many of the Dirty Dozen items peak during filing season as [...]
Medicare's annual open enrollment period recently drew to a close. The average senior had more than 40 plans to choose from in 2024. Many enlisted the help of licensed Medicare agents to navigate the process and compare options. Unfortunately, expert advice may be in short supply during the next open enrollment period. Insurers are moving to deprive seniors [...]
Don’t wait until tax time in April; arrange tax savings before year-end. Learn about deferring income, accelerating deductions, tax-loss selling, avoiding wash sale losses, paying estimated taxes, S-Corp payroll with health and retirement benefits, SALT cap workaround strategies for pass-through entities, and other tax-saving strategies. Tax planning for traders at year-end 2024 should be similar [...]
As part of International Fraud Awareness Week, the Internal Revenue Service reminds taxpayers how to report tax-related fraud in their community to protect personal and financial information from scam artists and tax schemes. During International Fraud Awareness Week, Nov. 17-23, the IRS Office of Fraud Enforcement and IRS Criminal Investigation aim to raise awareness of fraud, [...]
WASHINGTON — The Internal Revenue Service today announced for the second consecutive year it has received a prestigious award honoring the highest quality in financial management and performance reporting from the AGA, an association that connects and empowers financial-related professionals who support government. In a ceremony held on May 16, the AGA presented the IRS its [...]