Gulf Oil Spill IRS Tax Help Information
July 15th, 2010 by Income Tax Pro
The Internal Revenue Service (IRS) announced that Taxpayer Assistance Centers will open in seven Gulf Coast cities to help the Gulf oil spill region better understand their tax issues. The Taxpayer Assistance Centers will open Saturday, July 17 at the following locations from 9 a.m. to 2 p.m. Central Time:
- 1110 Montlimar Drive, Mobile, AL
- 651-F West 14th St., Panama City, FL
- 7180 9th Ave. North, Pensacola, FL
- 2600 Citiplace Centre, Baton Rouge, LA
- 423 Lafayette St., Houma, LA
- 1555 Poydras Street, New Orleans, LA
- 11309 Old Highway 49, Gulfport, MS
If you received money from BP and have questions about the tax treatment of claim payments, or if you are experiencing tax form filing and payment hardships because of the oil spill, visit one of the above centers on Saturday to ask questions directly to IRS personnel. There is also a dedicated IRS phone line 866-562-5227, open weekdays from 7 am to 10 pm. This same IRS phone line will also be open for calls on Saturday, July 17 from 9 am to 2 pm Central Time.
What’s there to discuss? Here are a few examples of BP gulf oil spill claim tax issues that taxpayers may not be aware of:
- Payments for lost wages or income are taxable.
- Payments for property damage are non-taxable if the payments don’t exceed basis, taxable in excess of basis.
- Physical injury payments are not taxable.
Find out more information on the Internal Revenue Service website.
Filed Under: income tax
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