Friday, June 25, 2010

IRS: "Um, about that BP settlement check you just got..."

We'll see how long this stays in place, but according to an Associated Press item hitting the wires today, money you get from BP for lost wages or income is going to be taxed, just like the wages or income the settlement replaces.  Of course, that would include payroll taxes, FICA and Medicare as well.

The IRS is technically correct, but the government really doesn't need another PR black eye, especially with Vice President Joe Biden set to visit the area next week. 


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