Damages, Personal Injury, Legal Expenses & Insurance Taxation - 1 Hour CPE
Damages, Personal Injury, Legal Expenses & Insurance Taxation - 1 Hour CPE
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Description
Course Overview
Legal settlements, damages, and insurance payments can create important federal income tax consequences, depending on the nature of the payment and the circumstances surrounding it. This course examines the tax treatment of personal injury and wrongful death awards, employment and business-related damages, legal expenses, and insurance proceeds. It also addresses viatical settlements and other special circumstances affecting taxability, deductibility, and reporting. Participants will gain a clearer understanding of how different types of damages and related payments are treated for federal tax purposes.
Explore additional federal tax topics in our self-study CPE course catalog.
What You'll Learn
After completing this course, participants will be able to:
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Distinguish between taxable and nontaxable damages, settlements, and insurance proceeds, including those involving personal injury, employment, and business matters, and identify the tax treatment and deductibility of related legal expenses.
Who This Course Is For
Tax professionals who prepare returns or advise clients on the federal tax treatment of legal settlements, personal injury awards, insurance proceeds, and related legal expenses.
| NASBA |
Field of Study: Taxes CPE Credit: 1.0 hour Delivery Method: QAS Self Study |
| IRS |
Field of Study: Federal Tax Law CE Credit: 1.0 hour IRS Program Number: VP8T3-T-00486-24-S |
| CTEC |
Field of Study: Federal Tax Law CE Credit: 1.0 hour CTEC Course Number: 1044-CE-05317 |
| Publication Date: | 1/1/2024 |
| Instructional Delivery Method: | QAS Self-Study |
| Level: | Intermediate |
| Prerequisites: | General knowledge of taxation |
| Advanced Preparation: | None |
| Author: | Lee Reams, Sr., BSME, EA |
Course Material: A copy of the course material is available for download under the Additional References tab.
Refund Policy: Your complete satisfaction is our #1 priority. At CountingWorks, Inc., we do whatever it takes to make sure your expectations are met on every order we complete. We back all of our products with a 10-day no-hassle money-back guarantee. For information regarding refunds, complaints, and program cancellation policies, please contact our Customer Service Department at 1-800-384-1101
Certified Public Accountants: CountingWorks, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Registration: Sign-up online by clicking add to cart above or by phone at 1-800-384-1101