Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. Some of the line-drawing comes from a footnote in the legislative ...
Understanding the tax implications and treatment of litigation damages, settlements and awards is critical for both plaintiffs and defendants. The basic principle is straightforward: damages received ...
Most defendants issue IRS Forms 1099 for legal settlements. The form may be issued to the lawyer, the client, or both. Frequently, both the client and the lawyer receive a Form 1099 for 100%, making ...
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