- Are Damage Awards Taxable?
- Frequent questions that arise are: Are amounts received from settlement of lawsuits and other legal remedies taxable? Are the legal fees paid in connection with these payments tax deductible? The tax code specifies that all income is taxable from whatever source derived, unless exempted by the Internal Revenue Code. The tax code does provide an exclusion from income for certain damage awards but not for others. The companion issue to damage awards is the deductibility of the legal fees associated with the damage awards and settlements. This article looks at a variety of situations and the tax ramifications.
- Foreign Income and Tax Reporting Issues
- We have a worldwide economy and with that comes a variety of tax issues. Some of these may be relevant to you. The following issues, some of which you may not be aware of, apply to individuals. In addition, some are subject to severe penalties when not complied with.
- Video Tips: Claiming Your Child as a Dependent after a Divorce
- The IRS has rules that help determine who can claim a young child in their tax return after a divorce. Watch this video for a quick explanation.
- Getting Started with Reports in QuickBooks Online
- You should be running reports in QuickBooks Online on a weekly—if not daily—basis. Here’s what you need to know.
- The 2022 IRS Interest Rate Hike Will Go Live April 1st
- These IRS interest rate changes will not affect you if you calculate your liability correctly and pay on time each quarter.
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