IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Taxation of Judgments and Settlements and the Potential for Tax Advantaged Structures (OnDemand Webinar)

$219.00

SKU: 411101EAU

Description

Learn to recognize potential pitfalls in resolving cases that result in unfavorable tax consequences.During litigation parties rarely consider the potential tax consequences of a particular result. Consequently, without appropriate planning unforeseen and unfavorable tax issues can arise. This presentation will help practitioners recognize potential pitfalls in resolving cases that result in unfavorable tax consequences. It will also help to ensure that the parties properly report the appropriate tax treatment to the IRS and avoid unnecessary penalties.

Date: 2024-02-15 Start Time: End Time:

Learning Objectives

Legal Underpinning
• Origin of the Claim Doctrine
• Substitution Theory

Parties to the Settlement / Litigation
• Deductions for Payors
• Income to Payees

Types of Damages
• Personal Physical Injury
• Economic Damages
• Non-Taxable Damages
• Allocation of Damages

AIPB ,CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Stephen J. Turanchik-Paul Hastings LLP

IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Taxation of Judgments and Settlements and the Potential for Tax Advantaged Structures (OnDemand Webinar)

$219.00

SKU: 406411EAU

Description

Identify the potential income tax and tax reporting pitfalls.Parties to disputes invariably focus on an amount of damages that it is either sought or how much it will take to resolve the dispute. Parties do not typically focus on the potential adverse tax consequences of a particular recovery. This topic will assist the practitioner in identifying the potential income tax and tax reporting pitfalls. Additionally, the practitioner will learn about potential income tax planning mechanisms for deferring potential tax liabilities.

Date: 2019-10-21 Start Time: End Time:

Learning Objectives

Taxation of Settlements / Judgments
• Original of the Claim Test
• Taxable Recoveries
• Nontaxable Recoveries
• Allocations of Damage Awards
• Taxation of Attorneys’ Fees
• Income Tax Deductions

Information Return Reporting
• Forms 1099
• Forms W-2
• Reporting for Non-Taxable Recoveries

Structured Settlements
• Qualified Settlement Funds
• Qualified Assignments
• Nonqualified Assignments

No Credit Available

Stephen J. Turanchik-Paul Hastings LLP