H&R Block to advise on paying taxes out of BP money

Representatives from H&R Block will make a presentation at Tuesday’s Lafourche Parish Council meeting concerning the money parish citizens received from settlements and clean-up efforts stemming from the BP oil spill.

H&R Block in Larose franchisee Pam Schexnayder will be joined by tax specialist Mona Guidry when they speak to the public Tuesday night.

“We want to make them aware of the tax implications, that they’re probably going to owe taxes from this money that they’re getting and they’re going to have to pay estimated taxes, and just to let them know that we can provide advice to them on some of the tax breaks that might be available to them,” Schexnayder said.

Council Chairman Daniel Lorraine said the purpose is to inform the public they will have to pay taxes, which were not deducted from their paychecks.

“Some of these people have to pay taxes and they’re unaware of it,” Lorraine said. “Now, we’re not trying to tell people what to do with their money, OK?

“It is informative, and it’s something they should know,” he said.

Settlement money to replace lost income and money paid by BP is taxable. Punitive settlements are not, Schexnayder said.

“Just to make them aware that they should be paying estimated taxes,” she said. “A lot of fisherman are getting these big checks and it’s more money than what they normally have, and they don’t have those expenses to offset them because BP is paying the gas and pretty much all their expenses that they normally have to offset their income.”

The Lafourche Parish Government meets at 5 p.m. at the government building in Mathews.