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BT Currents - Hot Topics in Employment Law

19 Dec Tax Deduction to be Curtailed for Some Settlements of Sex Harassment Claims

  The federal tax bill published late on Dec. 15 has a number of provisions that, if enacted, would deny an employer’s ability to deduct payments made in settlement of employee claims. If the tax bill passes, the negotiation of both the nature of settlement payments/court awards and reporting to the IRS will become even more critical given its impact on the deductibility of settlement payments. Get your tax lawyer involved early in the negotiation to help you document your preferred tax reporting position.  …

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