Taxation of Settlements Proceeds · IRS Audit for Lawsuit Award Taxes
Insurance and lawsuit settlements are not exempt from federal and state taxes. However, the structure of the final settlement can raise some concerns about the reporting year, how much to report to the IRS, what exemptions may be taken and the rate at which the money will be taxed. In addition, there are issues concerning tax exemptions for medical treatment paid for out of the settlement and ongoing services which may be considered exempt under special circumstances.
If you are an individual, a business entity or a tax preparer facing an IRS investigation into your exemptions and/or income reported from a settlement, talk to tax attorney Angelique M. Neal, in Brighton, Michigan. As a former IRS lawyer and Special Assistant United States Attorney, Ms. Neal understands the tactics and approaches tax investigators and auditors use when deciding on taxation of settlements and jury awards.
The Law Offices of Angelique M. Neal, PLC, is recognized for integrity and common-sense strategies to resolve tax problems. She has extensive experience in appeals and litigation, aggressively pursuing every option for reducing your taxes, penalties and fines levied by the IRS for collections.
Call the firm to discuss all of your state or federal tax matters, including the following areas:
- Taxation of settlements and lawsuit awards
- Taxation of gambling and lottery winnings
- Taxation of deferred compensation
- Trust fund recovery penalties
- Failure to file tax returns
- Tax liens and levies
- Offers in compromise
- Tax refund litigation
- IRS penalty and interest abatement
From offices in Brighton, Michigan, tax lawyer Angelique M. Neal represents clients throughout the state, the Midwest and the United States. Wherever you are, call toll free 888-351-8395 or contact the firm by e-mail to arrange a consultation with an experienced IRS tax attorney.
