Regarding the BP oil spill: What kinds of taxes may apply to money received if you...
Regarding the BP oil spill:
What kinds of taxes may apply to money received if you are a business in the Gulf area no longer able to function, or an employee who lost a job?
Also, what kind of income will payments for lost wages from BP be considered on a financial statement or tax form: accounts receivable/payable, wages, a gift, or other?
Say you're an independent contractor and BP hires you. Eventually BP owes you this lost business income. Where would that be reported on your income tax return? Assume, you are an accrual basis taxpayer.
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Regarding the BP oil spill:
What kinds of taxes may apply to money received if you...
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