IRS Launches Gulf Oil Spill Hotline

By Alistair M. Nevius, J.D.

From the IRS

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.

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.

Newsletter Articles

SPONSORED REPORT

States look to unclaimed property for revenue

State audits of abandoned and unclaimed property (AUP) have exploded in recent years. This report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

DEDUCTIONS

Understanding the new Sec. 199A business income deduction

The new deduction allows certain business owners to keep pace with the significant corporate tax cut provided by the Tax Cuts and Jobs Act.