How Lawsuit Settlements Are Taxed?

 How Lawsuit Settlements Are Taxed?

Many plaintiffs win or settle a lawsuit and are surprised they have to pay taxes. Some don't realize it until tax time the following year when IRS Forms 1099 arrive in the mail. A little tax planning, especially before you settle, goes a long way. It's even more important now with higher taxes on lawsuit settlements under the recently passed tax reform law

Millions ITINs set to expire in 2019; IRS says renew early to prevent refund delays

Millions ITINs set to expire in 2019; IRS says renew early to prevent refund delays

Nearly 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. Taxpayers whose ITIN is expiring and who expect to have a filing requirement in 2020 must submit a renewal application. ITINs with the middle digits 83, 84, 85 or 86, 87 (For example: 9NN-83-NNNN).