I understand that lots of people who got paid in 2011 from the GCCF is now looking on the internet to see how this income should be reported to the IRS. Well here is the information that you have been looking for. First off by law the GCCF has to send you a 1099 Misc. Income post marked January 31 2012, give the mail man 14 days from that time before you get it in the mail. This 1099 Misc. Income is what the GCCF has reported to the IRS that they have paid you. This is what you have to report on your taxes under other income.
I just spoke with the GCCF this morning to confirm this, and they said anybody that has not gotten their 1099 Misc. Income letter by February 15 2012 should call in and get it resend. If you already know they are going to send this letter to the wrong address call in now and get a new one send out to the correct address.
GCCF Tax On Interim Claim Payments And Quick Payments
So the taxes are the same for any payment received from the GCCF but remember that if you have not taken a final payment yet that trial is fixing to start and you would want to get ready for this part of the show as soon as possible. This means signing up with an attorney for settlement and trial or getting your final paperwork into the GCCF for final payment. If you have gotten a Quick Pay from the GCCF you are done for now but you still have to pay taxes on it as above.
New BP Claims Evaluator
This claims evaluator is made for people that has gotten denied or low balled by the GCCF, it will give you a good idea of what your claim should be worth by answering a few questions about your BP claim. This tool you will find on top of the page its pretty cool and pretty accurate. If you need an attorney to file your claim fill out the form on the right hand side and you will be contacted today by one of our attorneys.
Time to get your BP Claims ready
For all the people that have already sign up and for the people that are still waiting to sign up its very important that you start getting all your paperwork ready and into the accountants. If you have not hear from your account but are sign up with us send me an email at jacob(at)bp-claim.com and I will get you connected again. We are getting very close now to trial 26 days, the media circus will start again probably 1 week before trial and we want to make sure all our people are ready for this.
If you are still not sign up its not to late, the form on the right goes directly to the attorneys and they will tell you what you need. If you have a claim with BP and you have not gotten paid, the GCCF days are over and the attorneys are now coming into play.