Tax Law

Read Personal Injury Law updates, news, and legal commentary from leading lawyers and law firms:

News & Analysis as of May 21, 2013

Personal Injury Damages And Medicaid Leins - SCOTUS Decides

by Deirdre R. Wheatley-Liss | Fein, Such, Kahn & Shepard, P.C. on 3/26/2013

You have a horrific accident and are looking a life of extreme medical care. The accident was caused by another person (drunk truck driver). You get a multi-million dollar award. Does the state that you live in get a share?...more

Do I Have To Pay Taxes On My Personal Injury Settlement?

by Law Office of Paul B. Genet on 1/22/2013

A personal injury lawsuit can be a long journey. Starting with an injury that may be painful, life altering and debilitating, it continues with an investigation, lawsuit, discovery, and in some instances, trial. Reaching a...more

Trial Attorney Tax Summary for Taxation of Settlements and Damages – Part 1: The Basics

by Gerald Nowotny on 1/9/2013

Overview - Legal settlements in the U.S. easily exceed one trillion dollars on an annual basis. The tax consequences of settlements and damages should be reasonably well known and settled. . However, that is not the...more

Recent U.S. Tax Court Decision Highlights Issues Regarding the Tax Treatment of Damages for Stress-Induced Physical Ailments

by Lane Powell PC - Taxation Law on 7/19/2012

In two cases decided in 2010, the U.S. Tax Court indicated that damages compensating for stress induced physical ailments may be tax-free where (1) the taxpayer can demonstrate that the damages were actually received on...more

Financial Fraud Law Report: Financial Fraud Victims May Benefit from Swiss Bank's Disclosures

by Michael Diaz Jr. - Diaz Reus International... on 6/26/2012

Originally published in the July-August 2012 issue of the Financial Fraud Law Report. Lawyer Michael Diaz, Jr., Says Financial Fraud Victims May Benefit from Swiss Bank’s Disclosures Swiss banking giant UBS’...more

Illinois Supreme Court Sets Civil Argument Schedule for March

by Sedgwick LLP on 3/2/2011

This afternoon, the Illinois Supreme Court published its Call of the Docket [pdf] for the March term, and the Court will hear oral argument in six civil cases. The cases, with the issue or issues presented in each,...more

Fifth Circuit Rejects Section 10(b) Scheme Liability in Absence of Explicit Attribution of Conduct or Statements to Defendant

by Sheppard Mullin Richter & Hampton LLP on 11/18/2010

In Affco Investments 2001 LLC v. Proskauer Rose L.L.P., No. 09-20734, 2010 WL 4226685 (5th Cir. Oct. 27, 2010), the United States Court of Appeals for the Fifth Circuit held that a law firm which allegedly assisted in...more

Personal Injury Settlements - Taxable or Not?

by Fein, Such, Kahn & Shepard, P.C. on 11/1/2010

You've been injured in a car accident. Thank goodness you're OK, but you broke your arm in addition to other bangs, cuts and scrapes and your back still feels out of wack. You were out of work to recover and then find work to...more

Illinois Supreme Court on the Tort Immunity Act, Collateral Estoppel, the Use Tax and the Home Repair Act

by Sedgwick LLP on 9/28/2010

Last week, the Illinois Supreme Court filed opinions resolving four new civil cases: Hubble v. Bi-State Development Agency of the Illinois-Missouri Metropolitan District, [pdf] No. 109137 -- In a personal injury action,...more