News & Analysis as of September 21, 2024

Income Taxes › Settlement

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

$40 Million Settlement With Bitcoin Billionaire And Company Shows The D.C. False Claims Act’s New Tax Provision Has Sharp Teeth

Pietragallo Gordon Alfano Bosick & Raspanti,... on 6/11/2024

Takeaways: •The Office of the Attorney General for D.C. announced a $40 million settlement with Michael Saylor and MicroStrategy, Inc., marking the largest income tax recovery in D.C. history. •The resolution arose from a...more

Is a Personal Injury Settlement Taxed?

Chambliss, Bahner & Stophel, P.C. on 5/9/2024

Approximately 6 percent of adult Americans experience an activity-limiting injury every three months, according to the Centers for Disease Control and Prevention (CDC). Injuries can happen because of carelessness, such as...more

UK Tax Round Up - February 2024

Proskauer Rose LLP on 3/11/2024

Settlement payment subject to tax as employment income - In Mathur v HMRC, the Upper Tribunal (UT) has upheld the FTT’s decision that a £6 million settlement payment to a former employee following an employment tribunal...more

Tax Updates and Information for US Expatriates

Allen Barron, Inc. on 2/27/2024

US tax filing is underway, and as we approach the April 15 deadline we would like to offer additional tax updates and information for US expatriates. The first and most important thing for US expatriates to know about taxes...more

Tax Pitfalls To Avoid In Employment Litigation Settlements

Flaster Greenberg PC on 6/16/2023

By all measures, 2021 was a banner year for hiring, but 2022 and 2023 have been the opposite. According to one media source, more than 121,000 jobs in the technology sector alone — think Google LLC, Amazon.com Inc.,...more

UK Tax Round Up

Proskauer Rose LLP on 9/9/2022

Welcome to the August edition of the UK Tax Round Up. August turned out to be not such a quiet month on the UK tax front. We have seen several important and technical case law decisions, some of which we discuss below, and...more

Tax Court Reiterates the Proper Tax Treatment of “Physical Injuries” in Employment Cases

Littler on 2/10/2021

In Stassi v. Commissioner, the United States Tax Court found that a settlement was not excludable from income as a personal physical injury because the taxpayer failed to demonstrate that her shingles was caused by her...more

Are Lawsuit or Settlement Damages Taxable?

Freeman Law on 12/17/2020

Taxpayers who suffer from physical injuries or physical sickness can generally take advantage of a special provision in the Code that makes such damages non-taxable. See I.R.C. § 104(a)(2). Generally, this can be an easy...more

Government Initiatives in Response to Wave of Harassment Allegations Challenges Manufacturers

Robinson+Cole Manufacturing Law Blog on 2/15/2018

Two recent developments, generated from the tidal forces of the #MeToo movement should get manufacturers’ attention. On December 22, 2017, Congress adopted a comprehensive tax reform law. Included in the statute is an...more

New Tax Law – Impacting Your Small Business and You

Gray Reed on 1/24/2018

Agreeing with Benjamin Franklin that there is nothing certain except death and taxes, Sketch Wood and his partner Minnie Brix, owners of Wood & Brix, and their 200 employees are certain that the new tax law will affect them,...more

Data Privacy + Cybersecurity Insider - January 2018

Robinson & Cole LLP on 1/4/2018

Now is the Busy Season for Cyber Criminals Posing as Executives to Obtain W-2s - It’s the start of tax season, and many employers are sending W-2 forms to employees so they can get ready to file their tax returns. As was...more

Best in Law: Tax Ruling Confirms Protocol on Job-Related Judgments

Best Best & Krieger LLP on 10/7/2015

The California Court of Appeal recently confirmed that employment-related settlements or judgments are wages from which employers must withhold payroll taxes. In Cifuentes v. Costco Wholesale Corp., Cifuentes...more

How Is a Relator’s Recovery in an FCA Settlement Taxed?

McGuireWoods LLP on 8/31/2015

This rarely litigated question was presented to the Seventh Circuit in Patrick v. Commissioner of Internal Revenue, No. 14-2190, 2015 WL 5024985, — F.3d —- (Aug. 26, 2015). Previously, the First Circuit, in Fresenius Medical...more

First Circuit Liberalizes Tax Deductibility Standard of False Claims Act Settlements

Latham & Watkins LLP on 8/25/2014

Appellate court affirms $50 million tax refund to FCA defendant, holding that the “economic realities” of settlement payments determine whether they are compensatory. Civil False Claims Act (FCA) settlements, which...more

First Circuit Rules in Favor of Dialysis Operator in Tax Dispute

King & Spalding on 8/21/2014

On August 13, 2014, the United States Court of Appeals for the First Circuit affirmed a district court’s judgment in a tax dispute proceeding that Fresenius Medical Care Holdings, Inc. (Fresenius) was entitled to more than...more

Hedge Fund COO Makes Admissions in SEC Settlement

Stinson - Corporate & Securities Law Blog on 7/29/2014

The SEC announced that the former Chief Operating Officer at Harbinger Capital Partners LLC has agreed to settle allegations that he assisted a scheme by the firm and its owner to misappropriate millions of dollars from a...more

U.S. Tax Court Decision Shows Importance of Carefully Drafting Settlement Agreements

Littler on 1/7/2014

In Sharp v. Commissioner, the United States Tax Court once again demonstrated the importance of carefully crafting settlement agreements and reaffirmed that emotional distress damages are taxable income to the recipient....more

New IRS Guidance On Tax Treatment Of Attorney’s Fees

Proskauer - California Employment Law on 9/16/2013

The IRS recently released a memorandum advising taxpayers on the proper tax characterization of attorney’s fee payments in connection with a settlement of or judgment in an employment dispute. Courts have long held...more

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