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How to Report Your Tribal Trust Settlement to the IRS?

The IRS announces the publication of Notice 2013-1, which updates and supersedes Notice 2012-60. Notice 2013-1 provides guidance concerning the federal income tax treatment of per capita payments that a member of an Indian tribe receives from the proceeds of certain settlements of tribal trust accounting and mismanagement cases between the United States and that Indian tribe.  

The notice also updates the list of tribes that have settled litigation against the United States that alleges the Interior and the Treasury departments mismanaged monetary assets and natural resources held in trust for the benefit of the tribes.

Notice 2013-1 supersedes Notice 2012-60, published in September, adding 6 additional Indian Tribes to the list of tribes in the appendix that have settled litigation against the United States.

Need Tax Help the Tax Treatment of Tribal Trust Settlement Proceeds?
 
Contact the Tax Lawyers at Marini & Associates, P.A.

for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms

or Toll Free at 888-8TaxAid (888 882-9243).


 

Read more at: Tax Times blog

 
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