Explore the 1,000’s of tax questions answered by professionals.

Back to list

QUESTION DETAIL

Related User

Votes

I might be receiving a sizable check from an employer for agreeing not to sue. Is there a legal way for them to give it to me so it's not taxable as income?


ANSWER


Expert Linda Burroughs's Answer:

Based on IRC 61, the income would be classified as other income and fully taxable in the year of receipt.

Linda Burroughs, CPA

Georgia

25 yrs experience

  • Currently 5.0000/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
35 Ans.

COMPANY INFORMATION




We do not offer or provide any investment advice or services or opinion regarding the nature, potential, value, suitability or profitability of any particular security, portfolio of securities, transaction or investment strategy.

Copyright © 2024 BIDaWIZ, Inc. Privacy Policy | Terms & Conditions