Author's posts
Pay Vaccine Mandate Fines, Take Tax Write-Off?
If people and companies start paying, are these fines and penalties tax deductible?
The tax law on deducting fines and penalties has been muddled for years, so Congress at the end of 2017 tried to cut back on which fines and penalties can be deducted.
Does IRS Tax Legal Malpractice Settlements?
Legal malpractice claims arise out of accident and medical malpractice cases, wills and trusts, divorce, litigation, tax advice, real estate deals, and many other types of legal matters. Is it taxable? As ordinary income, capital gain, basis recovery, …
Marijuana Dispensaries Lose IRS Tax Fight Over FedEx Delivery
The tax code flatly disallows all tax deductions for any business “trafficking in controlled substances.” Isn’t marijuana legal in California and many other states?
Yes but federal law hasn’t caught up. The dispensaries filed in Tax Court, but FedEx e…
Big Opioid Settlements, Big Tax Write Offs. Any Questions?
For many decades, Section 162(f) of the tax code has prohibited deducting any fine or similar penalty paid to a government for the violation of any law. But the law is riddled with exceptions. Creative companies can often find ways to write off even t…
Wrongful Life And Wrongful Birth Damages, Taxable or Tax-Free?
Wrongful life and wrongful birth cases usually involve a disabled or injured child, so lawsuit damages should arguably be tax-free.
$289M Monsanto Weedkiller Verdict Cut To $78M, Taxes Still High
The $289M Roundup verdict against Monsanto was cut to $78M, but the plaintiff still faces tough tax rules that make him pay tax on his legal fees.
