July 2010

IRS Launches Gulf Oil Spill Hotline, Plans Special Assistance Day

From Journal of Accountancy.

The IRS announced that it has set up a special toll-free telephone line for taxpayers affected by the oil spill in the Gulf of Mexico. The phone number is 866-562-5227, and it will operate on weekdays from 7 a.m. to 10 p.m.  local time, the IRS said.

The phone line is available to provide information to taxpayers who are having trouble filing their returns or making tax payments because of the oil spill. It will also serve to answer questions from taxpayers who have received payments from BP. In certain cases, the IRS can suspend collection or examination actions for oil-spill victims.

The IRS has also created an FAQ page on its website to address the tax treatment of BP payments and other oil-spill related tax questions.

Read more.

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This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.