Introduction: As a plaintiff attorney, it is important to ensure that a client will get a fair amount out of their...
Plaintiff Recovery Trust
How the Tax Cuts and Jobs Act Created the Plaintiff Double Tax Trap
The Tax Cuts and Jobs Act (TCJA) of 2017 had a significant impact on plaintiffs receiving taxable settlements. Prior to this change in the law, plaintiffs could list their attorney's fees as a deduction on their tax returns, avoiding paying tax on the attorney fee portion. However, the TCJA changed this. Now, individual plaintiffs cannot claim...
When a Legal Recovery is Considered Taxable to the Client
Introduction: As a plaintiff attorney, it is important to ensure that a client will get a fair amount out of their settlement award. Unfortunately, for taxable damages cases, clients have to pay taxes on the amount that they will receive and the attorney’s fee portion of the case. But there are tax planning strategies that can help clients...
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