Topel Forman News

Topel Forman is recognized with the Illinois CPA Society’s Time and Talent Volunteer Service Award

Chicago, June 2024 – We’re thrilled to announce that Topel Forman has been awarded the Time and Talent Volunteer Service Award from the Illinois CPA Society This recognition truly reflects the incredible dedication and commitment of our entire team to giving back to the communities we serve. To view their press release, click here. 

The ICPAS award honors organizations whose accounting and finance professionals actively participate in volunteer initiatives that make a positive impact.

This recognition is a tremendous honor, and it wouldn’t be possible without the unwavering effort and continued commitment of every single person at our firm. We are incredibly grateful to each and every team member who goes above and beyond to give back to our communities. Thank you for making a difference!

Here, we believe in fostering a culture of social responsibility. We are passionate about supporting organizations that make a positive impact on the lives of others. Whether it’s volunteering at local food banks or mentoring young professionals, we are committed to using our skills and expertise to give back. Click here to view more about our philanthropic philiosphy.

Topel Forman was founded in 1961. With thirteen partners and over one hundred forty professional staff, we are dedicated to providing world-class client service at all levels. Offering audit, tax, and advisory services, our professionals are dedicated to our clients and communities, inclusivity and more. The firm is an independent member of Moore North America, Inc. (MNA), which is itself a regional member of  Moore Global Netowrk Limited (MGNL.)

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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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