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Client Letter: Gulf Oil Spill Claimants Must Pay Taxes on Compensation For Lost Wages

10 Sep

Dear Friends: The explosion of the Deepwater Horizon oil rig and resulting oil spill in the Gulf of Mexico has caused substantial damage and raised many questions regarding the tax treatment of payments made to individuals and businesses from British Petroleum (BP) and its recently established claims fund. The IRS has made clear that individuals, [...]

Client Letter: $250 “Donut Hole” Rebate For Seniors

10 Sep

Dear Friends: Although many provisions of the recently enacted health care reform package will not be felt for a few years, there are some benefits that begin in 2010, including the $250 tax-free “donut hole” rebate for seniors. This $250 rebate is intended to help seniors bridge the Medicare coverage gap. While many federal rebate-check [...]