We sued our company's workers comp insurance for Damages and Declaratory Relief. They settled. Is that settlement amount taxable as income to my LLC? The reason we sued them was that they wrongfully terminated our workers comp insurance unbeknownst to us, and an employee claimed an injury and sued us and won a verdict against us. The settlement was global where they paid him and us. The settlement amount did not begin to compensate us for all that we suffered in the process, but it was better than nothing.
... View more