Robert W. Wood is a tax lawyer (www.WoodLLP.com) who handles tax disputes, writes tax opinions, advises on crypto, disclosures and more. He is best known for advising plaintiffs on the tax treatment of lawsuit settlements and legal fees, serves as an expert witness, and writes
Blake Lively Lawsuit Against Justin Baldoni Highlights Tax On Victims
If Lively recovers any money, is it taxable? Her suit is for defamation and emotional distress, which are taxable even in the context of sexual harassment.
Trump’s $15 Million Defamation Settlement From ABC Has A Tax Angle
Trump was the plaintiff, but will not be receiving the $15 million payment or the $1 million paid to his lawyer. That way, Trump does not have to pay tax on the $15 million.
With Tax Changes Coming, Should You Receive Payments In 2024 or 2025?
Timing invoicing and "pay me next year" requests are common with employers, suppliers, vendors, and customers this time of year.
Tax Law Passes To Make Wildfire Settlements Tax Free—Retroactively
A new law makes many legal settlements as a result of wildfires free of federal income tax for years beginning after December 31, 2019, and before January 1, 2026.
When You Get Litigation Financing, When And How Is It Taxed?
Most plaintiffs and lawyers want to be sure that taxes are postponed. But how do you reach that result? The primary structural choice is between a loan and a sale.