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Most defendants issue IRS Forms 1099 for legal settlements. The form may be issued to the lawyer, the client, or both. Frequently, both the client and the lawyer receive a Form 1099 for 100%, making it appear that the settlement amount was 200% of the payment. The biggest exception is for compensatory personal physical injury damages. In an injury accident case settling before trial, the lawyer should receive a Form 1099 for the proceeds, but the plaintiff should not. If the case settles after a verdict with punitive damages or interest, a Form 1099 is required for the taxable portion,…
The Internet of Things is made up of a broad range of devices connected to the Internet including home thermostats, security systems, medical devices, refrigerators, televisions, smart televisions and toys. Our homes have become filled with these devices including Alexa and Siri. One device that people hardly give any thought to is your smoke detector. Newer, sophisticated smoke detectors have the capability to send data to your phone or the manufacturer which they do through your router and this makes them vulnerable to being hacked. There has even been a trend in recent years in the sex toy industry to…
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