Developing the Income Loss Claim for the Self-Employed Individual



Details

Developing an Income Loss Claim for a self-employed person can be complicated. For individuals with steady employment, the claim can be developed using past tax returns, employment records and career-track information from the employer. With the self-employed, income often varies with potential impacts on both revenue and expenses, fluctuations in the business, availability of clientele, market variations.

The program will give an overview of basic concepts such as gross vs net profit; allowable, overstated and deductible expenses; corporate vs personal income. We will explore challenges in creating a past income history and developing a theory of future lost income. Topics include:

• The self-employed person’s reported income may not reflect their true income
• Reported expenses may be inflated or may include personal expenses
• considerations where the business was incorporated – what is considered in the income loss calculation?
• employee did not file income tax returns
• quantifying unreported business income
• creating a future income loss theory where the plaintiff started a new business before the injury
• quantifying business losses where the business continues post-accident

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Credit

If applicable, you may obtain credit in multiple jurisdictions simultaneously for this program (see pending/approved list below). Registrants in jurisdictions not listed below will receive a Certificate of Attendance/Completion that may or may not meet credit requirements in other jurisdictions.

Where applicable, credit will be only awarded to a paid registrant attending the live program at their own computer and phone.


 Click on jurisdiction for specific details  
This program has been approved for or is pending credit for:
AB, AR, AZ, CA, CO, DE, FL, GA, IN, KS, KY, LA, ME, MN, MO, MS, MT, NB, NC, ND, NE, NH, NJ, NM, NV, ON, OR, SC, SK, TN, TX, UT, WI, WV, WY


WTLA    2111 Warren Avenue    Cheyenne, WY 82001    P: 307-635-0820    F: 307-634-5331    wytla@wytla.org