The statute of limitations for claiming refunds expires on April 18, 2022, for 2018 returns. If you still want to claim your 2018 refund or make an amendment to your return, time is running out.
Frequent questions that arise are: Are amounts received from settlement of lawsuits and other legal remedies taxable? Are the legal fees paid in connection with these payments tax deductible? The tax code specifies that all income is taxable from whatever source derived, unless exempted by the Internal Revenue Code.
Anymore, we have a worldwide economy and with that comes a variety of tax issues. Some of these may be relevant to you. The following issues, some of…
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