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Topel Forman News

At Topel Forman, we know that our greatest strength is people. We are always seeking to add talented professionals to join our firm.

Culture Of Excellence

We are offering hybrid work options, engaging community activities including group charity events, and opportunities to carve your path in your career. You can join our teams who work through process improvement, the team that implements automation, or other developmental groups.

We offer a generous paid time off program and encourage you to take the time needed. We know that our day-to-day jobs can become quite stressful so we want you to be able to recharge, pursue your personal passions and be able to show up at work refreshed and ready.

Our firm is considered mid-size which means that we have the high-level talent, expertise, and resources you would expect from a larger firm but accessibility to leadership, feedback, and development opportunities with collaboration at the forefront of the workload.

To see all career opportunities with the firm, please visit https://topelforman.com/careers/

Questions? Contact Our Team!

 

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Tax Consequences of Judgements or Settlements from Legal Proceedings

Tax Consequences of Judgements or Settlements from Legal Proceedings

Oct 1, 2024

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.

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