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Lawsuit awards and settlements audit guide. (Federal Taxation)

The CPA Journal, 2003, Vol.73 (2), p.56

COPYRIGHT 2003 New York State Society of Certified Public Accountants ;ISSN: 0732-8435

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  • Title:
    Lawsuit awards and settlements audit guide. (Federal Taxation)
  • Author: Friske, Karyn Bybee
  • Subjects: Punitive damages ; Tax audits ; Taxable income
  • Is Part Of: The CPA Journal, 2003, Vol.73 (2), p.56
  • Description: The IRS audit guide on lawsuit awards and settlements is part of the agency's revamped approach to auditing. This audit guide resulted from a project concerning the large number of lawsuits in Alabama that had been resolved by verdict or settlement. Early results of the project indicated that most of these substantial lawsuit payments were not reported as taxable income. Hence, this guide was developed to provide lists of issues, explanations of applicable terminology, information on the identification of tax returns with lawsuit payment issues, suggestions for conducting the examination, synopses of related court cases, and exhibits of pertinent forms.
  • Publisher: New York: New York State Society of Certified Public Accountants
  • Language: English
  • Identifier: ISSN: 0732-8435
  • Source: ProQuest Central

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