2021-06-14 Tax Status of Legal Settlements

This week we look at:

• IRS publishes Q & A on 2021’s enhanced child and dependent care credit on website
• Malpractice settlement related to taxpayer’s divorce was taxable to her - and situation made worse to going to Tax Court
• IRS discusses interaction of depreciation related §481(a) adjustments and computation of ATI through 2021

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