Oil Spill Victims Dealt Another Blow as IRS Seeks its Cut of BP Payments on Lost Wages
With the debacle that is the oil spill and all the confusion surrounding it, it comes as no surprise that the most aggressive collection agency on the planet, the IRS, wants to play its part in the ongoing clean up process. This takes form in intricate taxes applicable to oil spill victims who receive BP payments for lost wages.
MSN.com reports, “Under current law, BP payments for lost wages are taxable — just like the wages would have been. Payments for physical injuries or property loss, however, are generally tax free. Payments for emotional distress? Taxable, though medical expenses related to the emotional distress are deductible.”
Confused? The IRS seems to be a little, too. They’ve issued guidance in an attempt to help oil spill victims through the complexities surrounding the law. Tax information for oil spill victims is available online on the IRS’s website and further information is planned through seven forums in various cities on the Gulf taking place on July 17th.
Just when taxpayers feel taxes are complicated enough already, the IRS decides to tax disasters – or at least the hardships that follow. It’s no secret that the government is growing increasingly desperate for revenue. In addition to more tax hikes in 2010, taxpayers can expect heightened IRS collection efforts in response to our government’s staggering deficit.
So taxpayers beware: No one is safe from the IRS. In addition to dealing another blow to oil spill victims, they are also more aggressively going after back taxes. Make no mistake, if you have unpaid tax debt, the IRS will find you.
If you need tax relief, an expert tax attorney or Certified Tax Resolution Specialist is your safest choice in taking care of your tax troubles or questions. A tax attorney will examine the circumstances of your specific situation, fight on your behalf against the IRS and ensure your tax debt is settled as efficiently as possible, avoiding IRS penalties that may accrue.
If you have IRS problems, you can consult tax help from a tax attorney, CPA, or Certified Tax Resolution Specialist. Tax Resolution Services is a dedicated team of tax experts who are here to help you. Call our office today at 1-866-IRS-PROBLEMS or visit www.taxresolution.com for a free tax relief consultation.
More Tax Help, IRS News and Tax Relief Tips:
- IRS Tax Relief News: Tax Case Convictions on the Rise For Americans with IRS Problems
- How to Get IRS Tax Relief from Back Taxes or Unfiled Tax Returns
- Tax Help News: IRS Enforcement to Get Priority, Big Bucks in 2010
- Tax Help News: 13% of Americans Find Tax Evasion Acceptable as IRS Audits Increase
- Tax Relief For Taxpayers: How to Avoid Tax Relief Scams That Sound Too Good to Be True
Tags: Back Taxes, BP payments, certified tax resolution specialist, IRS help, IRS penalties, irs problems, oil spill victims, tax advice, tax attorney, tax debt, tax relief
