Understanding the Treatment of Attorney Fees and Elimination of Above-The-Line Deductions

$219.00

SKU: 411394

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.

Tax Treatment of Legal Settlements and Judgments
• Comparison Between Settlements and Judgments
• 2018 Changes
• Legal Fees Overview

Non-Physical Injury Cases
• Employment vs. Non-Employment
• Whistle-Blower and Civil Rights Fees
• Fee Deduction Problems

Physical Injury Cases
• Tax Exclusion Overview
• Wording and Compromises
• PTSD Recoveries
• Sexual Harassment/Abuse

Tax Reporting on Forms 1099
• Overview
• Rules for Issuing IRS Form 1099
• Joint Payees
• IRS Form W-9

Structuring
• QSFs
• Settlement Wording
• Tax Indemnities

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

Robert W. Wood, Esq.-Wood LLP