Keyword Analysis & Research: gaap accounting for lawsuit settlements

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Frequently Asked Questions

Does bankruptcy of business stop lawsuit settlements?

Collection of judgments against your company resulting from lawsuit settlements cannot proceed during the stay. An automatic stay is one-directional, meaning the business filing for bankruptcy can file suit against others for compensation or settlement.

Are lawsuit winnings taxable?

It depends on what the money is for. The money you win in a lawsuit is generally intended as a replacement for something. Whether the payment is taxable, depends on whether what it replaces would be taxable.

Is lawsuit money taxable?

Lawsuit money from other types of claims is taxable as ordinary income. That’s a problem, as the money itself will likely propel you into a higher income tax bracket for the year in which you receive the settlement.

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