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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 just wanted to drop a quick note to say thank you to Santora Colleen for securing such a great outcome on my wife case. We really appreciate all your hard work, the way you handled the negotiations, and how you kept us informed every step of the wa...
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5.0/5.0
Colleen has been incredibly thoughtful, supportive, and professional throughout every step of our case. She guided us carefully through the process, always taking the time to answer our questions and ensure we understood our options. She consistently...
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5.0/5.0
I had the pleasure of working with Attorney Colleen Santora after I was involved in a car accident. She was very attentive, professional, and courteous throughout our entire case involvement. I appreciate everything she did to help me. She is wonderf...
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5.0/5.0
I was in a terrible car accident. I was referred to Colleen by a friend. She is amazing! Answered my every call, text and fought for me. Being a hairdresser for 40yrs it was horrible trying to cut hair with a broken hand, but in the end Colleen got m...
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5.0/5.0
Colleen Santora is an outstanding attorney. I reached out to her after I was hit by a car as a pedestrian and she walked me through every step of the process with clarity and patience. She’s a fantastic communicator, extremely responsive and alway...
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