Are you one of the thousands of individuals or businesses suffering economic losses due to the BP Deepwater Horizon Oil Spill? Most would probably answer “no,” but you may be surprised to learn that you or your business could meet the eligibility criteria to file a claim in connection with the BP Deepwater Horizon settlement even if your economic losses do not seem to be directly related to the oil spill. Decosimo is offering our clients a lifeline to help navigate through the claims qualification and filing process by partnering with our affiliate Carr, Riggs and Ingram (CRI) which has successfully negotiated millions of dollars in recovery payments for oil spill claims.
Individuals and businesses in Alabama, Louisiana, Mississippi, and certain areas of Florida and Texas may qualify for compensation under the new oil spill settlement. The settlement provides recovery to individuals and businesses that experienced a decline in wages or revenue during 2010. Some highlights of the settlement include:
- Businesses with revenue loss patterns over any three consecutive months between May and December 2010 may be eligible for payment under the settlement.
- Real estate sales between April 21 and December 31, 2010, may now qualify for compensation due to lower selling prices.
- If you own or lease property in certain waterfront areas, then you may be eligible for funds available through the BP real property claims settlement.
- Claims previously denied or considered ineligible under the Gulf Coast Claims Facility (GCCF) may be reconsidered for payment.
- Tourist-related industries in certain areas along Florida’s West Coast region are not required to prove the oil spill directly caused their economic loss for 2010.
Calculating losses from the oil spill is very complex using the Court’s recently approved specifications. Partnering with our affiliate’s Oil Spill Team for an in-depth knowledge of the claims approval methodology, Decosimo can offer clients access to proven claims templates and programs resulting in:
- Quickly assessing the existence of losses.
- Filing accurate claims calculations submissions.
- Maximizing claims.
- Receiving timely claims payments.
The loss assessment requires knowledge of and is based on information derived from business valuation, revenue flow, and variable and fixed expenses. Our clients will benefit from working with an experienced oil spill claims team to completely and accurately document and prepare their claims.
We Can Help
If you think you or your business may qualify, contact your Decosimo tax advisor or Kevin Begley at 800.782.8382 to find out how we can leverage our affiliate’s oil spill settlement claims experience to maximize any reimbursement from BP.
Kevin Begley, CPA | Corporate Tax Principal
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