Today, officials at British Petroleum announced the end of the months-long oil spill that has been ravaging the gulf, threatening permanent damage to both the environment and thousands of local businesses throughout the region.  A report from the government released today claimed that only about a quarter of the spilled oil currently remains in the water.  The other 75 percent, apparently, has been dispersed using chemical agents, skimmed off the surface or simply evaporated away.

What has not evaporated away is the catastrophic effect the spill has had on the many thousands of businesses along the gulf.  Bearing that in mind, the time is prudent to remind ourselves of the availability of some critical tax relief now being offered by the IRS.

Back on July 17, the IRS held a special assistance day to help taxpayers and tax preparers deal with issues related to tax relief and disaster relief directly related to the oil spill in the gulf of Mexico.  The IRS has an FAQ area on their site, “Gulf Oil Spill: Questions and Answers,” that taxpayers can access.  In it are questions like “ How does a taxpayer report a casualty loss deduction on the tax return?”

You can get the answer to that question and a great deal more, and get yourself one step closer to attaining real tax relief.  If you are a victim of the BP oil spill, you would also be advised to contact a professional tax relief specialist in order to learn what your options are and get the best relief you can.

Disclaimer:  The information contained in this article is in no way intended for use as legal tax advice.  No assumption should be made that a tax attorney, enrolled agent or former IRS employee was involved in the creation of any content herein.  Advice on personal or business tax matters can be obtained by contacting Advanced Tax Help at (800) 970-8704, or by logging on to www.advancedtaxhelp.com