IRS to offer tax assistance to Gulf Coast residents on Saturday in Panama City

On Saturday the Internal Revenue Service will be offering tax assistance to Gulf Coast residents impacted by the BP oil gusher.

The IRS will open assistance centers from 9 AM till 2 PM Central Time in 7 Gulf Coast cities including Panama City and Pensacola.

The Panama City center will be located at 651-F West 14th Street.

Taxpayers and tax preparers will be able to work directly with IRS employees to resolve any tax issues, including specific topics related to the oil spill.
The IRS has also opened a dedicated phone line for victims of the Gulf oil spill which is 866-562-5227.
This special toll-free line is open weekdays from 7 a.m. to 10 p.m. and will also be open to callers on Saturday, July 17 from 9 a.m. to 2 p.m. Central Time.
If you have received payments from BP because of the ongoing Deepwater Horizon oil gusher in the Gulf of Mexico – you may want to check the tax status of those payments.
The Internal Revenue Service has said that based on current law, BP payments for lost income are taxable in the same way that the wages or business income these payments are replacing would have been.

There is, however, a bill in Congress called the Oil Spill Tax Relief Act of 2010, which is co-sponsored by Florida Representative Allen Boyd, which would exempt the BP payment from income taxes.

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