The Insurance Company Actually Paid! Now, Is Any of What I Received Taxable?
2.0 CLE credit applied for this program.
Featuring: Robert E. Lynn, Bartley & Lynn, LLP
Your immediate response to any tax question may be to say to your client, talk to your accountant about that. But if the question arises from a type of claim that's a core part of your practice, isn't it likely that you'll see the situation again, and get nearly identical questions, many times? How often will your client's accountant see it? If you familiarize yourself with the particular aspect of tax law, you'll be able to give the client some immediate, if general, idea of what to expect. And you should be able to communicate with accountants about the tax implications of the events, not in formal opinion letters, but at least to confirm that you agree about the key concepts that will drive the results.Also, regardless of which party you represent, in negotiating a settlement for any contested claim you need a reasonably good idea of what the net-of-tax amount of an offer is.This program will explore selected common situations in which your client might ask a tax question, enduring principles that apply, and key information you'll need to respond.
- Property damage claims, against taxpayer's own homeowners (HO) or business property/casualty coverage.
- Property damage claims paid by another party's HO, auto or business property/casualty coverage.
- Personal injury claims.
- Life insurance.
- Legal fees incurred by the taxpayer to collect the insurance payment.
Robert E. Lynn, JD, CPA, CFP™ has over thirty years' experience in tax matters affecting closely held businesses, fiduciary entities and individuals. Most of that time has been in public accounting, but three years as a tax specialist at Lindquist & Vennum convinced him to become a lawyer. He was admitted in Minnesota in May of 2014, and shortly thereafter formed Bartley & Lynn, LLP with Charles Bartley, another Hamline Law alum and CPA, to focus on tax, trust and estate matters. He has presented seminars for Minnesota CLE, the Minnesota Society of CPAs and various community groups, and taught income tax planning at Minnesota State University. His national journal publication credits include articles in Tax Notes, Practical Tax Strategies, and The Tax Adviser. He has also been trying for years, without much success, to be less of a pushover for pro bono work for small arts organizations.
View/Print PDF flyer for mail or fax registration.