IRS Wants Cut from BP Payments

By: The Associated Press
By: The Associated Press

The Internal Revenue Service wants its cut from oil spill victims who receive BP payments for lost wages.

The agency says that, under current law, BP payments for lost wages are taxable, just like the lost wages would have been.

The IRS says payments for physical injuries or property loss are generally tax free.

BP officials have agreed to create a $20 billion fund for spill victims, as well as a $100 million fund to support displaced oil rig workers.

The IRS is planning to hold forums in seven cities in the Gulf region July 17 to help oil spill victims with tax troubles or questions.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WTOK-TV 815 23rd Ave Meridian, Ms. 39301 Phone: (601) 693-1441
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 97183214 -
Gray Television, Inc.