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Author Archive for: "Robert W. Wood, Contributor"
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0
By Robert W. Wood, Contributor
In Business, energy, Forbes Energy, Investing, Money, Taxes
Posted May 20, 2021

Colonial Pipeline Paid $4.4 Million In Bitcoin Ransom. Is It Tax Deductible?

If you pay hackers ransom to keep your business operating, is it tax deductible? For businesses, paying ransom is likely to be a business expense. In fact, many taxpayers try to find a business [...]

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0
By Robert W. Wood, Contributor
In Forbes Energy
Posted January 21, 2020

PG&E Gets $470 Million Tax Deduction For Fire Settlements

Nearly all the wildfire settlements should be tax deductible, PG&E said. Tax deductions might rub consumers the wrong way, but tax deductions are standard fare for business. That’s hardly a [...]

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0
By Robert W. Wood, Contributor
In Forbes Energy
Posted December 10, 2019

With PG&E $13.5 Billion Fire Settlement, How Much Is Left After Taxes?

Most money in fire cases is taxable, and victims who do not reinvest in time may have big capital gains. Health problems from smoke inhalation or from the exacerbation of pre-existing medical [...]

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0
By Robert W. Wood, Contributor
In Forbes Energy
Posted October 26, 2019

Sue PG&E For Power Shutoffs, Better Think Taxes

If you sue PG&E for cutting off your power, causing you emotional distress and PG&E pays you, would that money be taxable? The IRS says that for settlements to qualify for tax-free [...]

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