{"id":175,"date":"2015-11-18T13:49:54","date_gmt":"2015-11-18T13:49:54","guid":{"rendered":"http:\/\/cpamorey.com\/blog\/?p=175"},"modified":"2015-11-18T13:49:54","modified_gmt":"2015-11-18T13:49:54","slug":"sliding-door-injury-results-in-21-5m-trial-verdict","status":"publish","type":"post","link":"https:\/\/cpamorey.com\/blog\/sliding-door-injury-results-in-21-5m-trial-verdict\/","title":{"rendered":"Sliding Door Injury Results in $21.5M Trial Verdict"},"content":{"rendered":"<p><a href=\"http:\/\/cpamorey.com\/blog\/wp-content\/uploads\/2015\/11\/Holland-American.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-medium wp-image-176\" src=\"http:\/\/cpamorey.com\/blog\/wp-content\/uploads\/2015\/11\/Holland-American-300x154.png\" alt=\"Holland American\" width=\"300\" height=\"154\" \/><\/a>A federal jury trial awarded <a title=\"Jury Award of $21.5M\" href=\"http:\/\/abcnews.go.com\/US\/wireStory\/jury-awards-215-million-man-injured-cruise-ship-35134442\" target=\"_blank\"><strong>$21.5 million in damages<\/strong><\/a> to a Springfield, Illinois man who was injured by an automatic sliding-glass door on a Holland America Line cruise ship dating back to 2011.<\/p>\n<p>The personal injury damages awarded by the jury were $5M, which are tax free.\u00a0 The punitive damages were $16.5M which means a windfall for the IRS.\u00a0 That\u2019s right, the entire $16.5M is taxable and the attorney fee, which is normally contingent for personal injury cases (30-40% contingent fee), will be challenging to deduct.\u00a0 That means the <a title=\"Tax Consequences of Jury Award\" href=\"http:\/\/www.forbes.com\/sites\/robertwood\/2015\/11\/18\/man-gets-21-5m-verdict-for-door-injury-but-irs-is-biggest-winner\/?ss=taxes\" target=\"_blank\">IRS will get the largest share of the $16.5M<\/a> and the attorney will get a large cut as well.<\/p>\n<p>Shockingly, it pays to evaluate the tax implications into your legal decisions when the punitive awards could create a huge tax bill.<\/p>\n<p>As you might suspect, Holland America Cruise has appealed the verdict so a settlement for an amount less than $21.5M, but a higher award for personal injuries (higher than $5M) may be a win win solution.<\/p>\n<p>Morey and Associates is an <a title=\"Orange County California CPA Accountants\" href=\"http:\/\/www.cpamorey.com\/\" target=\"_blank\">Orange County California CPA Firm<\/a> with offices in <a title=\"Newport Beach CA CPA Accounting and Tax\" href=\"http:\/\/www.cpamorey.com\/\" target=\"_blank\">Newport Beach<\/a> and <a title=\"Tax Accountants - San Clemente CA\" href=\"http:\/\/www.cpamorey.com\/\" target=\"_blank\">San Clemente<\/a>. \u00a0We service businesses and individuals who seek to lower their tax bills, legally. \u00a0Call <strong>949-759-5626<\/strong> and ask for <strong>Jerry Morey<\/strong>. \u00a0Our initial consultation is free.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A federal jury trial awarded $21.5 million in damages to a Springfield, Illinois man who was injured by an automatic sliding-glass door on a Holland America Line cruise ship dating back to 2011. The personal injury damages awarded by the jury were $5M, which are tax free.\u00a0 The punitive damages were $16.5M which means a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/posts\/175"}],"collection":[{"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/comments?post=175"}],"version-history":[{"count":1,"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/posts\/175\/revisions"}],"predecessor-version":[{"id":177,"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/posts\/175\/revisions\/177"}],"wp:attachment":[{"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/media?parent=175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/categories?post=175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/tags?post=175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}