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Compensatory Damages Internal Revenue Service Punitive Damages

Chambliss, Bahner & Stophel, P.C.

Is a Personal Injury Settlement Taxed?

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

Freeman Law

The IRS’ Lawsuits, Awards, and Settlements Audit Techniques Guide

Freeman Law on

Some time ago, the IRS issued an Audit Techniques Guide on the taxation of lawsuits, awards, and settlements. As many tax practitioners can attest, there are a multitude of tax issues involving any one of these issues. In...more

Mayer Brown

Kentucky Court Of Appeals Slashes Punitive Award Against Grant Thornton

Mayer Brown on

A couple of months ago, the Kentucky Court of Appeals in Grant Thornton LLP v. Yung cut a trial court’s award of punitive damages from $80 million to $20 million—reducing the punitive/compensatory ratio to 1:1....more

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