The Internal Revenue Service is reaching out to people and businesses impacted by the oil spill in the Gulf of Mexico. The IRS has posted frequently asked questions about how to handle payments and reimbursements from BP, how to report losses from, and the agency has opened a special toll-free hotline at (866) 562-5227 to answer specific questions. Additionally, several IRS offices in the Gulf Coast region will be open on Saturday, July 17 to provide taxpayers with one-on-one assistance.
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A tax break is little help when your business or source of income has been completely taken away.
Nathan C
Loans to individuals and businesses would help more than tax breaks. But tax breaks are better than nothing!