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What is Gulf Coast Assistance Day?

07/17/2010 02:30:00 admin

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Deepwater Horizon Oil Spill: Tax Obligations

The Internal Revenue Service (IRS) is providing additional guidance to individuals and businesses affected by the Deepwater Horizon oil spill in the Gulf of Mexico. Taxpayers and tax preparers will be able to work directly with IRS employees to resolve tax issues on Gulf Coast Assistance Day, July 17, 2010.

The following IRS Taxpayer Assistance Centers will be open on July 17, 2010, from 9 a.m. to 2 p.m. local time:

1110 Montlimar Drive, Mobile, AL
651-F West 14th Street, Panama City, FL
7180 9th Avenue North, Pensacola, FL
2600 Citiplace Centre, Baton Rouge, LA
423 Lafayette Street, Houma, LA
1555 Poydras Street, New Orleans, LA
11309 Old Highway 49, Gulfport, MS

In addition, taxpayers with tax questions related to the Gulf oil spill can reach specially trained IRS personnel by calling 1.866.562.5227 between 7 a.m. and 10 p.m. local time. The IRS encourages taxpayers in the Gulf struggling with payment or collection issues to contact them. This dedicated line will also be open to callers on July 17, 2010, from 9 a.m. to 2 p.m. CT.

On July 17, 2010, Gulf Coast Assistance Day, the IRS will help individuals and businesses affected by the Deepwater Horizon oil spill resolve tax issues.

According to current law, BP payments for lost income are taxable in the same way that the wages or business income these payments are replacing would have been. The law treats compensation for lost wages or income differently for tax purposes than compensation for physical injuries or property loss, which generally are nontaxable.

For more details, please view the IRS's Guidance to Gulf Oil Spill Victims press release.

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