By William J. Purdy, III, Simmons & Purdy (Soquel, CA)
(Used with permission, originally published by BankruptcyMastery.com 2018)
Under the new tax law, most damage awards a consumer recovers stand to go, in large part, to the IRS.So, even if you are successful in vindicating your legal rights, the expenses of getting the award aren’t deductible from the gross award. The taxing authorities end up getting a large hunk of the total recovery.
Welcome to tax “reform”.
Consumers get shafted
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