Tax Law Updates | New Proposed Regulations
April 12, 2010
IRS Releases Tax Bulletin on Exclusion of Physical Injury or Sickness from Gross Income
Notice of Proposed Rulemaking Damages Received on Account of Personal Physical Injuries or Physical Sickness
REG-127270-06, 2/8/2010
The Internal Revenue Service (“IRS,” or “Service”) has issued an Internal Revenue Bulletin that bears the title “Notice of Proposed Rulemaking Damages Received on Account of Personal Physical Injuries or Physical Sickness.”
According to the IRS, this document contains proposed regulations relating to the exclusion from gross income for amounts received on account of personal physical injuries or physical sickness. The proposed regulations reflect amendments under the Small Business Job Protection Act of 1996. The proposed regulations also delete the requirement that to qualify for exclusion from gross income, damages received from a legal suit, action, or settlement agreement must be…
To continue reading this article, subscribe now
It's FREE and only takes seconds
