When is a settlement or court award taxable?
- August 7th, 2023
- David Greene
- Comments Off on When is a settlement or court award taxable?
When someone is physically injured and gets a money award from settlemenet or trial, that money is not taxable. The key words here are “physical injury.” Emotional distress alone is not cosidered a physical injury and, of course, discrimination is…
Does a Personal Injury settlement have to be counted as an asset in an Offer in Compromise?
- December 12th, 2018
- David Greene
- Comments Off on Does a Personal Injury settlement have to be counted as an asset in an Offer in Compromise?
Let’s look at the situation where, except for the settlement, you would be eligible for an Offer In Compromise based on doubt as to collectibility. In any Offer in Compromise, the IRS will require that you count the settlement as an…