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Clients are forever amazed that the Internal Revenue Code exempts from the definition of income personal injury awards. Believe it or not, thus has ever been the case. We are not accustomed to benefits such as this flowing to our personal injury clients.
This great advantage somehow eludes many experienced lawyers. I am often called by other attorneys who ask how “A Release Of All Claims” should read. When I get to their point, I learn that they are concerned that some amount may be attributed to loss of earnings and thereby, in this erroneous view, subject their clients to tax. As George H.W. Bush once said, “Read my lips, no new taxes.” Well, there are no taxes to be paid on personal injury awards regardless of whether some amount relates to a loss of earning capacity.
To be sure, in some tort cases Congress has altered this, such as with punitive damages and non-physical injuries i.e. where there has been gender and age discrimination. However, in the vast majority of tort cases, the exemption from income remains. So may it ever be so.
Feinberg & Alban, P.C. fervently protects your rights
Client Reviews
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5.0/5.0I’m a college student in the Boston area who suffered a pedestrian personal injury in December of 2022. Thankfully I was put into contact with Feinberg & Alban PC and I worked closely with Robert and Perry Feinberg who treated me with respect and f...
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5.0/5.0
Alexis Cahill was great, professional, and was open for me to contact on any questions I may have had during the process. Feinberg & Alban PC's services were nice as well, and I'd recommend them due to the transparency, what they were able to negotia...
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5.0/5.0
My mom had a great experience with Feinberg as her attorney, after she fell near her house, and he took her under his wing. Mr. Feinberg was helpful, very organized and kind. He helped my mom a lot, very happy with results
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5.0/5.0
I have been using Marsha Alban's services and advice for many years. Initially, I interviewed several lawyers, and Marsha was definitely the best! She took time to listen, she was very compassionate, and she explained everything in detail and answere...
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5.0/5.0
Wish I could give higher than a 5 for this review. From the start the dedication to detail, care and skill that was applied to my case was outstanding. Robert Feinberg is exceptional at representing his clients. His depth & breadth of experience make...
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