We have all seen the ads for asbestos exposure and “bad” prescription drugs…
“have you or someone you know taken the drug Acutane… if so, you may be entitled to cash compensation… call 1800-bad-drug…”
So what are the tax consequences of receiving compensation for your damages?
Well, it depends… Some damages and settlement proceeds are tax exempt under [...]
As a tax attorney, I have the pleasure of routine interaction with the IRS. However, I must confess my dealings with the IRS are not as efficient and streamlined as I would like. Therefore, it came as no surprise to find that the IRS’s customer satisfaction is far from stellar. Surprisingly I did not expect [...]
With the US Court of Appeals recent decision to affirm Wesley Snipes’ criminal tax conviction, it looks like Wesley Snipes may have to rely on the royalties from his cheesy “Total Gym” Infomercials to pay off his substantial legal fees and restitution incurred from his long battle with the IRS. I wonder if the Federal [...]
With College Football Season right around the corner, I can’t help but wonder how much collateral damage has been caused by USC’s flagrant NCAA rule violations and what measures (if any) are Universities taking to avoid joining USC in their fall from glory.
The NCAA seems to be making an example out of USC’s violations [...]