2021
TOPICS:
- Taxation of Damage Awards
- Independent Contractor Status
- Miscellaneous
- Tax Columns in Forbes
- Tax Columns in Daily Journal
- Tax Columns in Cointelegraph
- Tax Columns in International Business Times
All articles written by Robert W. Wood (unless otherwise noted)
TAXATION OF DAMAGE AWARDS
Avoid Legal Settlement Tax Fallacies, Business Law Today (December 6, 2021).
Litigation Funding Tax Treatment Depends on Documents, Vol. 25, No. 2, NY Business Law Journal (2021), p. 45. Reprinted in Vol. 26, No. 2, NYLitigator (2021), p. 15.
Bad Settlement Agreement Wording Spells Taxes – Again, Vol. 173, No. 7, Tax Notes Federal (November 15, 2021), p. 965.
Legal Settlement Tax Myths Debunked, Vol. 173, No. 5, Tax Notes Federal (November 1, 2021), p. 673.
Beware Do-It-Yourself Litigation Funding, Business Law Today, American Bar Association (October 7, 2021).
In Tesla’s $137M Race Verdict, Big Winner Is IRS, Forbes.com (October 6, 2021).
Taxes and Settlement Agreement Wording Underscored Again, Vol. 172, No. 6, Tax Notes Federal (August 9, 2021), p. 947.
Revisiting Structured Legal Fees: Where Are We Now?, Vol. 171, No. 4, Tax Notes Federal (April 26, 2021), p. 595.
Legal Settlement Tax Worries (Revisited), Vol. 171, No. 4, Tax Notes Federal (April 19, 2021), p. 443.
Using ‘Reasonable Cause’ to Avoid IRS Penalties, Washington State Bar News (April/May 2021).
Taxing Emotional Distress Damages: Now What? Settlement Wording!, Robert W. Wood, Vol. 171, No. 1, Tax Notes Federal (April 5, 2021), p. 81, simultaneously published in Vol. 100, No. 1, Tax Notes State (April 5, 2021), p. 67.
Which Property Qualifies for Involuntary Conversion Tax Relief?, Vol. 170, No. 8, Tax Notes Federal (February 22, 2021), p. 1261.
IRS Taxes Legal Settlements, But Some Are Capital Gain, Forbes.com (February 16, 2021).
Legal Malpractice Settlement Tax Worries, Vol. 170, No. 6, Tax Notes Federal (February 8, 2021), p. 963.
The Impact of IRS Form 1099 Rules on Lawyers and Clients, Vol. 93. No. 1, New York State Bar Association Journal (January/February 2021), p. 38.
Is Borrowing From Qualified Settlement Funds Taxable, Robert W. Wood and Donald Board, Vol. 170, No. 4, Tax Notes Federal (January 25, 2021), p. 963.
Does IRS Tax Legal Malpractice Settlements?, Forbes.com (January 19, 2021).
Patent Infringement Damages Taxed As Capital Gain With IRS?, Forbes.com (January 11, 2021).
INDEPENDENT CONTRACTOR STATUS
MISCELLANEOUS
Tax Issues with Lawyer Legal Funding, Business Law News, California Lawyers Association (Issue 3, 2021), p. 13.
Considering Cryptocurrency Tax Myths, by Robert Wood and Alex Brown, Vol. 173, No. 3, Tax Notes Federal (October 18, 2021), p. 355.
10 Things You Should Know About 1099s, Investopedia.com (June 27, 2021).
Tricks and Traps For Lawyers With IRS Form 1099, Business Law News, California Lawyers Association (Issue 1, 2021), p. 18.
IRS Denies Tax-Free Treatment for Cryptocurrency Swaps, Vol. 172, No. 5, Tax Notes Federal (August 2, 2021), p. 805.
Using Prepaid Forward Contracts For Stock and Legal Funding, Vol. 171, No. 8, Tax Notes Federal (May 24, 2021), p. 1247.
Your IRS Form 1099 Is Late, But Do You Really Need It For Your Taxes?, Forbes.com (February 4, 2021).
IRS Forms 1099 Good, Bad & Ugly For Your Taxes, Forbes.com (February 1, 2021).
IRS Agent Stole Identity, Forged Papers, Wire Fraud, Feds Claim, Forbes.com (January 31, 2021).
You’re Asked For An IRS Form W-9, What Should You Say?, Forbes.com (January 27, 2021).
It’s IRS 1099 Time, Beware New Gig Form 1099-NEC, Forbes.com (January 25, 2021).
Win $1 Billion Mega Millions Lottery Jackpot, Pay Mega Taxes, Forbes.com (January 22, 2021).
Checking Boxes and Checking Your Forms: Why Understanding IRS Form 1099 is Key for Lawyers and Clients, American Bar Association, Winter 2021.
Does IRS Tax Legal Malpractice Settlements?, Forbes.com (January 19, 2021).
Limited Time Before New California Proposition 19 Tax Rules Apply, by Robert W. Wood and Alex Z. Brown, Tax Notes State (January 18, 2021), p. 233.
Proposition 19 Brings New Rules For Retaining Assessed Value, by Robert W. Wood and Alex Z. Brown, San Francisco Daily Journal (January 15, 2021), p. 5.
TAX COLUMNS IN FORBES
IRS Extends Tax Filing Deadlines In NY, NJ, CT, PA, LA, MS, Forbes.com (December 23, 2021).
$8.5 Million IRS Penalty Upheld Over Timeshare Donation Tax Shelter, Forbes.com (December 22, 2021).
$380 Million Gymnastics Abuse Settlement, Before Taxes?, Forbes.com (December 21, 2021).
Bruce Springsteen Tells IRS Who’s Boss In $500M Sony Sale—Taxed As Capital Gain, Forbes.com (December 20, 2021).
Crypto IRS Reporting Rules Promise Tax Compliance—And Enforcement, Forbes.com (December 13, 2021).
Prince’s Estate Settles IRS Tax Case, Forbes.com (December 7, 2021).</p >
Charlie Sheen Sues IRS To Cut 2 ½ Men Size Tax Bill Down To Size, Forbes.com (December 4, 2021).
IRS Audits: 3 Years, 6 Years Or Forever, Which Applies To You?, Forbes.com (December 3, 2021).
How IRS Taxes Lawsuit Settlements, Forbes.com (November 29, 2021).
If You Don’t Get Form 1099, Is It Taxable, Will IRS Know? (Hint: ‘If A Tree Falls In The Forest…’), Forbes.com (November 22, 2021).
When IRS Taxes “Loans” As Income, Forbes.com (November 16, 2021).
Pay Vaccine Mandate Fines, Take Tax Write-Off?, Forbes.com (November 15, 2021).
$450k Settlements To Undocumented Immigrants Separated At Border May Be Tax Free, Forbes.com (November 1, 2021).
Dear IRS: Sexual Abuse & PTSD Settlements Should Never Be Taxed, Forbes.com (October 24, 2021).
IRS Tax On Legal Settlements Depends On Wording, Forbes.com (October 19, 2021).
In Tesla’s $137M Race Verdict, Big Winner Is IRS, Forbes.com (October 6, 2021).
Tougher Than IRS? California Franchise Tax Board, Forbes.com (October 4, 2021).
More Offshore Account Prosecutions For Secret Accounts Seeking Heavy Prison Time, Forbes.com (September 29, 2021).
California Taxes Residents—Even Temporary Ones, Forbes.com (September 20, 2021).
Congress Targets $10M Qualified Small Business Stock Tax Break, Forbes.com (September 14, 2021).
Crypto Flash Crash Brought Tax Problems Too, Forbes.com (September 9, 2021).
IRS Extends Oct. 15 Tax Filing Deadline For Ida Victims In New York, New Jersey, Forbes.com (September 8, 2021).
Critics Sound The Alarm Ahead Of Possible Retroactive Capital Gains Tax Hike, Forbes.com (September 7, 2021).
College Athletes Cutting New Name Image Likeness Deals Could Be In For A Tax Shock, Forbes.com (August 30, 2021).
IRS Tax Lessons From Michael Jackson, Forbes.com (August 26, 2021).
Stolen $600M Crypto Is Returned, Can IRS Tax It?, Forbes.com (August 16, 2021).
IRS Tax On Sexual Abuse Victims Needs Clarification, Forbes.com (August 11, 2021).
Tax On U.S. Olympic Medals Makes IRS Biggest Winner, Forbes.com (August 10, 2021).
IRS Can Levy Penalties—Even After You’re Dead, Forbes.com (August 9, 2021).
Three Tax-Free Crypto Transfers, Forbes.com (August 2, 2021).
Mario Batali Sex Harassment Settlement: Tax On Victims, Tax Break To Batali, Forbes.com (July 24, 2021).
Kardashians Win $13.5M Beauty Lawsuit, IRS Collects Taxes, Forbes.com (July 15, 2021).
Buy Passport With Bitcoin, Escape Taxes?, Forbes.com (July 14, 2021).
Moving Avoids California Tax? Not So Fast, Forbes.com (July 12, 2021).
How Long Can IRS Or California Audit Your Taxes?, Forbes.com (July 7, 2021).
Recover IRA Or Pension Damages, But What About Taxes?, Forbes.com (June 28, 2021).
IRS Denies Tax-Free Crypto To Crypto Swaps, Forbes.com (June 23, 2021).
43.4% Capital Gain Tax? 10 Things To Know, Forbes.com (June 21, 2021).
Cheat On Your Taxes, Get IRS Penalties; Obstruct IRS, Get Jail, Forbes.com (June 14, 2021).
Biden Retroactively Doubles Capital Gain Tax But Keeps $10M Benefit, Forbes.com (June 7, 2021).
IRS Crypto Tax Risks Expand With New Reporting, Forbes.com (May 31, 2021).
Money Now, Taxes Later With Prepaid Forward Contracts, Forbes.com (May 29, 2021).
Colonial Pipeline Paid $4.4 Million In Bitcoin Ransom. Is It Tax Deductible?, Forbes.com (May 20, 2021).
Taxes Are Due May 17, Four Reasons To Extend To October 15, Forbes.com (May 10, 2021).
California Proposes 16.8% Tax Rate & Wealth Tax…Again, Time To Move?, Forbes.com (May 1, 2021).
Oscar Celebs Get Free Gifts Worth $205K, Pay 50% Tax, Forbes.com (April 25, 2021).
Tax Rules Your Lawyer Might Not Know, Forbes.com (April 19, 2021).
Bill To End Double Tax On Consumer Lawsuits Introduced In Senate, Forbes.com (April 19, 2021).
Lawsuit Tax Hinges On Settlement Wording And IRS Form 1099, Forbes.com (April 13, 2021).
Sobering IRS Warnings On Tax Crimes Before Filing Your Taxes, Forbes.com (April 9, 2021).
Cancelled Loans? Careful, IRS May Say Its Taxable, Forbes.com (April 1, 2021).
IRS Gets Court Approval For Cryptocurrency Summons For Circle, Poloniex Customers, Forbes.com (April 1, 2021).
IRS Extends Tax Return Due Date From April 15 To May 17, Forbes.com (March 17, 2021).
IRS Tax Returns Are (Now) Due May 17, But Extensions May Reduce Audit Risk, Forbes.com (March 16, 2021).
How IRS Taxes Lawsuit Settlements, Sometimes Twice, Forbes.com (March 15, 2021).
Tax Tips From Cooperating Witness In Record $2B Tax Evasion Case, Forbes.com (March 8, 2021).
Client Sues CPA For Extra Tax Bill, CPA Settles, IRS Taxes Client On Settlement, Repeat, Forbes.com (February 23, 2021).
IRS Taxes Legal Settlements, But Some Are Capital Gain, Forbes.com (February 16, 2021).
Renouncing American Citizenship Hits All-Time Record, Forbes.com (February 7, 2021).
Your IRS Form 1099 Is Late, But Do You Really Need It For Your Taxes?, Forbes.com (February 4, 2021).
IRS Forms 1099 Good, Bad & Ugly For Your Taxes, Forbes.com (February 1, 2021).
IRS Agent Stole Identity, Forged Papers, Wire Fraud, Feds Claim, Forbes.com (January 31, 2021).
You’re Asked For An IRS Form W-9, What Should You Say?, Forbes.com (January 27, 2021).
It’s IRS 1099 Time, Beware New Gig Form 1099-NEC, Forbes.com (January 25, 2021).
Win $1 Billion Mega Millions Lottery Jackpot, Pay Mega Taxes, Forbes.com (January 22, 2021).
Does IRS Tax Legal Malpractice Settlements?, Forbes.com (January 19, 2021).
Patent Infringement Damages Taxed As Capital Gain With IRS?, Forbes.com (January 11, 2021).
TAX COLUMNS IN DAILY JOURNAL
IRS tax on legal settlement agreement? Watch your wording, San Francisco Daily Journal (October 8, 2021)
Navigating lemon law and consumer settlement tax issues, San Francisco Daily Journal (March 31, 2021), p. 5.
Guidance for navigating legal settlements, legal fees and estimated taxes, San Francisco Daily Journal (March 8, 2021), p. 7.
Independent contractors puzzle over new IRS Form 1099-NEC, San Francisco Daily Journal (February 22, 2021), p. 7.
Tax rules that every lawyer in California should know, San Francisco Daily Journal (February 4, 2021), p. 5.
Capital gains in patent cases: When is a recovery not taxed as ordinary income?, San Francisco Daily Journal (January 26, 2021), p. 5.
Proposition 19 Brings New Rules For Retaining Assessed Value, by Robert W. Wood and Alex Z. Brown, San Francisco Daily Journal (January 15, 2021), p. 5.
The ins and outs of taxing legal malpractice settlements, San Francisco Daily Journal (January 4, 2021), p. 4.