Does the "Weinstein Tax" Punish the Plaintiff? IRS Fixes Problem, Congress Can't Seem to
The tax reform law passed in December 2017 prohibits tax deductions for hush money settlements in sexual harassment cases. As we’ve discussed before with tax attorney Rob Wood of Wood LLP in San Francisco...the so-called Weinstein tax makes it so individuals and companies cannot write off their settlement and legal fees, but the law apparently seems to also say that plaintiffs also cannot deduct their legal fees. Rob Wood explains how the IRS is fixing the problem.