IRS wants its cut from oil spill victims

The Internal Revenue Service wants its cut from oil spill victims who receive BP payments for lost wages, The Associated Press reports:

The agency says that under current law, BP payments for lost wages are taxable — just like the lost wages would have been. The IRS says payments for physical injuries or property loss are generally tax free. ...

The IRS is planning to hold forums in seven cities in the Gulf region on July 17 to help oil spill victims with tax troubles or questions.