The IRS has created an online page answering tax questions relating to the gulf oil spill. Issues addressed include:
- Payments received for lost business income, lost wages or lost profits
- Payments received for property damage or destruction
- Casualty loss deductions for property that has been damaged or destroyed
- Payments received for personal physical injuries or physical sickness, or for emotional distress that is attributable to personal physical injuries or physical sickness
- Payments for emotional distress that is not attributable to personal physical injuries or physical sickness
In addition, in this announcement the IRS said it is planning a special tax assistance day at various locations throughout the disaster region on July 17 and will offer other forms of relief to taxpayers facing special hardship.
Tags: disaster relief
