In short, this case says punitive damages paid are not tax-deductible. It's almost funny that a company would look to take a tax reduction for monetary punishment they received. While any employer who would attempt to take this tax reduction could be applauded for being creative, they may also end up having big problems with the IRS. Punitive damages are intended to punish not to cause an opportunity to take an additional tax deduction.
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NJ Bill Would Disallow Tax Deduction for Punitive Damages
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