Description
Gain a better understanding of how to properly treat attorney fees in different cases like settlements, judgments, employment claims, and more.
The tax treatment of attorney fees and elimination of miscellaneous itemized deductions has created significant confusion for lawyers and their clients. Improperly deducting legal fees or failing to understand the new limits on deductions can lead to costly overpayment of taxes. This presentation will provide clarity on these complex tax issues. Youll gain a comprehensive understanding of how to properly treat attorney fees in different cases like settlements, judgments, employment claims, whistleblower awards, and more. The elimination of miscellaneous itemized deductions will also be covered in depth, including the implications for legal fee deductibility. Recent tax law changes, IRS reporting requirements, and settlement structuring techniques using qualified settlement funds will be examined. With this knowledge, youll be able to maximize tax benefits for legal fees, avoid overpayment of taxes, and steer clear of IRS scrutiny. Staying uptodate on these rules is crucial for attorneys to provide accurate tax advice and optimize outcomes for their clients.
Date: 2024-05-21 Start Time: 1:00 PM ET End Time: 2:40 PM ET
Learning Objectives
* You will be able to define the rules for issuing IRS Form 1099.
* You will be able to describe the key considerations regarding the tax treatment of legal fees.
* You will be able to explain the difference in tax treatment of physical injury and nonphysical injury cases.
* You will be able to identify cases where abovetheline deductions for legal fees apply.