Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | State of Illinois Levy or IRS Wage Levy - Is Workman's Compensation Leviable? - DWK Tax GroupAs with many tax collection oriented questions, it depends. Workman's compensation is a form of insurance for the employer to provide the employee who gets injured or sick from performing his/her job. Worried about a lump sum payment coming your way?
By: DWK Tax Group Admin Court awarded settlements consider the following as ordinary income or a capitol gain depending on the nature of the underlying claim. 1) Collected interest on any award 2) Wages lost both present and future 3) Punitive damages, in most cases, it does not matter whether the damages are for personal injury or sickness 4) Pay out received in settlement of pension rights 5) Damages for: Patent or copyright infringement, breach of contract or interference with business operations 6) Back pay and emotional distress received 7) Attorney fees and cost where underlying recovery is included in gross income Do not include compensatory damages for personal injury or sickness regardless of how you received the payment, lump sum or in installments The above information is referenced via IRS Pub 525. Looking to acquire representation to protect assets, future present and past income? Perhaps you are seeking someone you can trust? May be you simply need a little time to get on your feet? Call http://dwktaxgroup.com/ End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|