Holocaust Survivors May Exclude Restitution Payments From Income

Posted by accountingweb on Feb 24 2002 109 printer friendly

Holocaust survivors, their heirs or estates will receive the full benefit of any restitution payment made by governments or industry. Restitution payments are excluded from federal taxes and should not be included as income or listed anywhere else on federal tax returns.

The restitution payments stem from World War II and are part of an on-going program by nations and industries that benefited from the forced labor or property confiscation of Nazi-era victims to compensate those victims.

Further information is available in Publication 17, "Your Federal Income Tax," the main tax guide for individuals, and in Publication 553, "Highlights of 2001 Tax Changes."

Consult your tax preparer for more information if this affects you.

This daily Tax Tip has been provided by the Internal Revenue Service.

Voice of the Editor

What makes a company a great place to work? Experience, a ConnectEDU company, uses criteria that include benefits, career advancement opportunities, culture, and work/life balance to form its annual list of the Best Places to Work for Recent Grads. BDO USA and Ernst & Young both made the Top 25 list. Read what makes these firms stand out and find out what can be done at your firm to entice college grads.

This Week on AccountingWEB

Hang Bower of BDO USA and Dan Black of Ernst & Young share their perspectives on why their firms made the Best Places to Work for Recent Grads 2013 list.

Herbein + Company, Inc. firm members talked with AccountingWEB about their year-round employee wellness program.

Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.

CPA Robert Raiola, who heads the Sports & Entertainment Group of Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC, talks NFL player income taxes with AccountingWEB.