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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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5.0/5.0Colleen Santora Has been amazing throughout this whole process. I am 100% satisfied with how she has been there and represented me.
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5.0/5.0
I worked with Perry Feinberg, as my personal injury attorney for an auto accident, Perry was very responsive, and available to answer all my questions. They are good at communicating with you and keep you informed. I’m finally able to put this acc...
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5.0/5.0
Some of the best lawyers I have ever had very caring and friendly they helped me and my family tremendously, I would 100 percent recommend them and not look any further they will get the job done.
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5.0/5.0
Colleen Santora and Robert Feinberg at Feinberg and Alban treated my husband and I like family. Their concern for us felt personal and genuine. Colleen and Rob always kept on the details of my case fighting for me and guiding me along during a stress...
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5.0/5.0
Colleen was excellent to work with- great communication from start to finish. Highly recommend!
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