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Awards and Settlements FAQ

March 21, 2014
incomecalc

Significance of IRC §104 on a judgment or award

Under the Internal Revenue Code, “gross income” is defined as broadly as possible and it narrowly construes exclusions from income and deductions. IRC §104 provides is […]
March 21, 2014
Construction Companies

Tax treatment of workers comp and disability benefits

The general rule is all items received constitute “gross income” and are taxed. However, IRC §104(a)(1) provides an important exception to this rule. Section 104(a)(1) excludes […]
March 21, 2014
West Virginia Business Owners Sentenced for Failing to Remit Payroll Withholdings

Disability payments excluded from gross income

Certain disability payments are excluded from gross income under Section 104(a)(1), and therefore receive special tax treatment. However, those disability payments must be received under a […]
March 21, 2014

Social Security disability benefits under Section 104

As a general rule, Social Security disability benefits do not receive special tax treatment under Section 104. This is because they do not constitute “workers compensation […]
March 21, 2014
How to Stop Taxes from Ruining Your Retirement

Retirement, pensions, annuity beneficial tax treatment

As a general rule, retirement, pensions, and annuity payments do not receive special tax treatment under Section 104, to the extent the amount paid is determined […]
March 21, 2014
IRS Warns About Abusive Micro-Captive Insurance Tax Shelters in Lead-up to Tax Day

Tax treatment for money received from accident insurance

The general rule is all items received constitute “gross income” and are taxed. IRC §104(a)(3) provides an important exception to this rule. Section 104(a)(3) excludes from […]