IRS could reallocate interest and penalties under class action settlement to wages

In a highly redacted Legal Memorandum, IRS has concluded that it isn’t bound by the settlement allocation of payments under a class action lawsuit and could instead convert portions of the settlement allocated to penalty and interest payments into wages subject to employment taxes.  Legal Advice Issued by Field Attorneys 20114704F

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The tax attorneys at the Beliveau Law Group provides legal services for federal and state tax law as well as tax returns. The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.

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