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Lawsuits, Awards, and Settlements Audit Techniques Guide

Navigant conducted initial meetings with the Port Authority’s Chief Administrative Officer and Human Resource departments. Subsequent to the meetings, information requests were sent in order to facilitate the review of key documents and other pertinent information. Navigant reviewed multiple documents, conducted numerous in person and telephonic interviews as well as performed detailed analyses of base pay, overtime, “add‐on” compensation, healthcare costs, and other benefit analyses. The findings of these analyses were used in a benchmarking review using selected public and private peer groups. . | Lawsuits Awards and Settlements Audit Techniques Guide NOTE This document is not an official pronouncement of the law or the position of the Service and cannot be used cited or relied upon as such. This guide is current through the publication date. Since changes may have occurred after the publication date that would affect the accuracy of this document no guarantees are made concerning the technical accuracy after the publication date. Audit Guide Rev. 5 2011 Table of Contents Chapter 1 Introduction and Issues.5 Introduction.5 Issues.6 Chapter 2 Taxability of Lawsuit Payments.8 Terminology Definitions.8 Types of Claims.8 Types of Damages Awards.9 Resolution of Claims.10 Tax Treatment of Awards and Settlements.11 Physical Injury or Sickness.11 Non-Physical Injury or Sickness.15 Chapter 3 Other Related Topics.18 Payroll and Self-Employment Tax Considerations.18 Amount to be Included in Gross Income.21 Deduction for Attorneys Fees.22 Discrimination Whistleblower and Certain Other Suits - Above the Line Deduction for Attorney Fees.22 Legal Fees Relating to Non-Taxable Awards or Settlements.23 Accrued Interest on Court Judgments.23 Chapter 4 Examination Considerations.24 Interview.24 Information Document Request.25 Need for Third Party Letter or Summons.25 Attorney - Client Privilege.26 Determining the Allocation Between Punitive and Compensatory Damages in Personal Physical Injury Cases.26 Advances to Taxpayer.27 How to Report Taxable Amount and Attorney Fees.27 Alternative Minimum Tax AMT Considerations.28 Additional Adjustments if Adjusting Reportable Income.28 Page 2 of 44 Chapter 5 Penalties.30 Chapter 6 Form 1099-MISC - Reporting Requirements.32 Reporting of Damage Awards on Forms 1099-MISC.32 Reporting Payments to Attorneys on Form 1099-MISC.33 Chapter 7 Quick Cite and Brief Synopsis of Litigated Cases.36 Wrongful Death.36 Burford v. United States 642 F. Supp. 635 N.D. Ala. 1986 . 36 O Gilvie v. United States 519 U.S. 79 1996 . 36 Benavides v. United States 497