Tag Archives: taxable income

SCOTUS Opinion: Lost Wages Awarded Under Railroad Retirement Tax Act Are Compensation Subject To IRS Taxation

Michael Loos was injured while working for BNSF Railway Company. He sued his employer, and after trial was awarded $85,000 in pain and suffering, $11,212.78 in medical expenses, and $30,000 in lost wages as a result of him not being able to work from the injury. BNSF then argued that the lost wages award was “compensation . . . for ... Read More