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Income Taxes › Internal Revenue Service › Compensatory Damages

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 -
Chambliss, Bahner & Stophel, P.C.

Is a Personal Injury Settlement Taxed?

Chambliss, Bahner & Stophel, P.C. on

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

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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

Freeman Law

Are Lawsuit or Settlement Damages Taxable?

Freeman Law on

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

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