Taxgirl Kelly Phillips Erb has been on top of the BP oil spill story like white on rice.
Here’s her most recent post on the tax consequences to recipients of BP compensatory payments:
Congressional leaders (while being slow to actually do anything about the spill) are taking their first steps towards economic relief for victims of the spill. Senators from states affected by the spill are seeking a number of tax provisions aimed at softening the impact of the spill for small businesses in particular. Specific provisions would include tax deferral from BP payments (many of which are taxable), loss carrybacks, a tax credit on new hires and a sales tax “holiday” for tourists. It’s just in the early stages right now and to my knowledge, nothing has been discussed in the House, just the Senate.
Related Posts:
- IRS Issues Taxpayer Guidance for BP Oil Spill Victims
- BP Payments to Gulf Coast Workers are Taxable
- The Tax Man and the Sea
4 responses so far ↓
1 bondwooley // Jul 3, 2010 at 2:15 pm
Obama told America that if we can win WWII and put a man on the moon, we can solve this crisis as well as our dependency on fossil fuels.
But there’s a missing piece: the soldiers in WWII had the Pentagon and Neil Armstrong had NASA. What’s the man on the street supposed to do to solve the fossil fuel problem? Is it time for an organized, funded effort?
The following link is to a satirical video, but it underscores this issue in real terms.
Link: You’re Soaking In It
2 More on Tax Treatment of BP Oil Spill Payments | www.TheUntoldStories.com // Jul 3, 2010 at 5:21 pm
[...] original post here: More on Tax Treatment of BP Oil Spill Payments No [...]
3 BP News // Jul 3, 2010 at 7:21 pm
[...] the rest of this great post here Comments (0) Posted in BP News [...]
4 Kay // Jul 4, 2010 at 1:28 pm
A little more on BP tax relief measures from my blog at http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/2010/07/gulf-coast-oil-spill-tax-relief-measure.html And there is a similar bill in the House
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