Are Attorney Fees Really Included in Gross Income?
If Einstein had difficulty understanding income tax, imagine how a claimant feels after having to pay tax on their attorney’s fees, of which they would never see a penny!
Tax Cut and Jobs Act on Claims Settlements
The Tax Cut and Jobs Act of 2017 (the "Act") was signed into law by President Trump on December 22, 2017 and contains some of the most sweeping tax changes to the Internal Revenue Code seen in decades. While these changes have no direct impact on structured settlements or the taxation of most types of claims, there are a number of changes that have a significant impact on defendants and plaintiffs. Arcadia's John McCulloch explains.
Woodbridge Settles SEC Investment Scheme Lawsuit for $1.2 Billion
The U.S. Securities and Exchange Commission (SEC) has agreed to settle allegations against “a slew of unregistered Florida-based funds” called the Woodbridge Group of Cos. LLC, which the SEC claims were used in an alleged $1.2 billion scheme that duped over 8,400 investors.