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ALERTS AND ARTICLES
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Tax Consequences of Judgements or Settlements from Legal Proceedings
Generally, amounts received for nonpersonal injuries are included in gross income. Punitive damages are also generally included in gross income, with a limited exception for certain wrongful death actions.
However, Section 104(a) of the Internal Revenue Code (IRC) generally excludes amounts received as compensation for personal physical injury or physical sickness from gross income. This exclusion applies to a variety of payments, including those received under workmen's compensation acts, certain accident or health insurance, pensions or annuities for injuries or sickness resulting from active military service, compensation for the death or disability of a public safety officer, disability income due to injuries from terrorist or military actions, and damages (other than punitive damages) received for personal physical injuries or physical sickness.
Topel Forman Ranked Top 200 Accounting Firm
Topel Forman is thrilled to announce our inclusion once again in the 2024 INSIDE Public Accounting (IPA) Top 200 Firms
Webinar Recording: Beyond the Receipt: Mastering Charitable Substantiation
Join us to learn the essential rules and requirements for documenting charitable contributions, helping you maximize deductions while staying compliant with IRS regulations.
A $14 Million Dollar Sunest Plan For The Potential Gift Tax Exemption – Webinar
With the potential sunsetting for the $14 million dollar gift tax exemption in 2025, we provide key considerations for wealth transfer planning. Understand the scheduled expiration of higher exemptions, explore gifting strategies, and adapt estate planning to maximize benefits
Untangling the Corporate Transparency Act – Webinar
The Corporate Transparency Act (CTA) is a crucial piece of legislation aimed at preventing money laundering and illicit activities within the United States financial system. The CTA requires entities to file a Beneficial Ownership Information Report with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Entities must provide accurate information about beneficial owners. There are exemptions for entities with existing SEC filings or other government reports conveying the same data.
Topel Forman Recognized with Illinois CPA Service Award
Topel Forman is recognized with the Illinois CPA Society's Time and Talent Volunteer Service Award
Chicago, ...
Qualified Appraisals for Charitable Contributions of Crypto-Assets
Taxpayers who contribute property and claim a deduction of more than $500 but not more than $5,000 must also obtain a contemporaneous written acknowledgment from the donee and maintain the additional written records needed to complete Form 8283.
Stories From Women In Accounting
For International Women's Day and Women's History Month our Women's Employee Resource Group and our DEI Committee hosted a panel featuring six of our professionals from tax, audit and operations. They had an inspiring and insightful conversation about their unique experiences navigating motherhood, external and self-made expectations, and being able to maintain a balanced life. Here are some highlights from our discussion:
Proposed Legislation: The Tax Relief for American Families and Workers Act of 2024
On January 19, 2024, the Ways and Means Committee of the House of Representatives successfully propelled HR 7024 forward, known as the "Tax Relief for American Families and Workers Act of 2024." The bill is the outcome of an agreement established earlier that week between the Ways and Means Committee's Chairman Smith and the Senate Finance Committee's Chairman Wyden.
The standard business mileage rate will be going up slightly in 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67 cents (up from 65.5 cents for 2023).
Tax Planning: Charitable Giving
Charity donation is one of the most flexible tax planning tools because taxpayers can generally control the timing, manner, and amount of their donations to meet their needs. For those charitably inclined, giving to charity provides not only the satisfaction of doing good but also valuable tax savings when leveraged properly.
2024 Gift, Estate, and GST Inflation Adjusted Numbers
The IRS released the 2024 inflation-adjusted exemptions and exclusions for estate, gift, and GST tax.
No results found.
Tax Consequences of Judgements or Settlements from Legal Proceedings
Generally, amounts received for nonpersonal injuries are included in gross income. Punitive damages are also generally included in gross income, with a limited exception for certain wrongful death actions.
However, Section 104(a) of the Internal Revenue Code (IRC) generally excludes amounts received as compensation for personal physical injury or physical sickness from gross income. This exclusion applies to a variety of payments, including those received under workmen's compensation acts, certain accident or health insurance, pensions or annuities for injuries or sickness resulting from active military service, compensation for the death or disability of a public safety officer, disability income due to injuries from terrorist or military actions, and damages (other than punitive damages) received for personal physical injuries or physical sickness.
Topel Forman Ranked Top 200 Accounting Firm
Topel Forman is thrilled to announce our inclusion once again in the 2024 INSIDE Public Accounting (IPA) Top 200 Firms
Webinar Recording: Beyond the Receipt: Mastering Charitable Substantiation
Join us to learn the essential rules and requirements for documenting charitable contributions, helping you maximize deductions while staying compliant with IRS regulations.
A $14 Million Dollar Sunest Plan For The Potential Gift Tax Exemption – Webinar
With the potential sunsetting for the $14 million dollar gift tax exemption in 2025, we provide key considerations for wealth transfer planning. Understand the scheduled expiration of higher exemptions, explore gifting strategies, and adapt estate planning to maximize benefits
Untangling the Corporate Transparency Act – Webinar
The Corporate Transparency Act (CTA) is a crucial piece of legislation aimed at preventing money laundering and illicit activities within the United States financial system. The CTA requires entities to file a Beneficial Ownership Information Report with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Entities must provide accurate information about beneficial owners. There are exemptions for entities with existing SEC filings or other government reports conveying the same data.
Topel Forman Recognized with Illinois CPA Service Award
Topel Forman is recognized with the Illinois CPA Society's Time and Talent Volunteer Service Award
Chicago, ...
Qualified Appraisals for Charitable Contributions of Crypto-Assets
Taxpayers who contribute property and claim a deduction of more than $500 but not more than $5,000 must also obtain a contemporaneous written acknowledgment from the donee and maintain the additional written records needed to complete Form 8283.
Stories From Women In Accounting
For International Women's Day and Women's History Month our Women's Employee Resource Group and our DEI Committee hosted a panel featuring six of our professionals from tax, audit and operations. They had an inspiring and insightful conversation about their unique experiences navigating motherhood, external and self-made expectations, and being able to maintain a balanced life. Here are some highlights from our discussion:
Proposed Legislation: The Tax Relief for American Families and Workers Act of 2024
On January 19, 2024, the Ways and Means Committee of the House of Representatives successfully propelled HR 7024 forward, known as the "Tax Relief for American Families and Workers Act of 2024." The bill is the outcome of an agreement established earlier that week between the Ways and Means Committee's Chairman Smith and the Senate Finance Committee's Chairman Wyden.
The standard business mileage rate will be going up slightly in 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67 cents (up from 65.5 cents for 2023).
Tax Planning: Charitable Giving
Charity donation is one of the most flexible tax planning tools because taxpayers can generally control the timing, manner, and amount of their donations to meet their needs. For those charitably inclined, giving to charity provides not only the satisfaction of doing good but also valuable tax savings when leveraged properly.
2024 Gift, Estate, and GST Inflation Adjusted Numbers
The IRS released the 2024 inflation-adjusted exemptions and exclusions for estate, gift, and GST tax.
No results found.
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