Issue link: http://read.dmtmag.com/i/121480
BP OIL SPILL SETTLEMENT (Continued from page 6) Once it is determined that you meet the eligibility requirements, the next step is to gather your monthly financial statements. Per the settlement agreement, certain types of expenses are either included or excluded. Owner and officer salaries are excluded from the calculation. You are also required to supply copies of the 2007 through 2011 tax returns and the claim amounts will be reconciled to the financials that you provided. The question that most people have is "Is this for real?" and the answer is a resounding "YES!" The claims process is not only "for real" but has been steadily at work since its inception, and claims are being paid as you are reading this article. Working with a CPA and attorney knowledgeable with the settlement requirements is the best way for you to receive the largest claim possible. Most arrangements with an attorney and CPA will be on a contingency fee, where both will be paid only when, and if, the claim is settled. BP will even reimburse a portion of your CPA fees based on the amount of the claim. The settlement has received final approval from a judge as "fair and equitable" in December of 2012. Recently, BP has contested the claim eligibility and compensation calculation methodology for certain industries; however, it was unsuccessful in its attempt to change the language of the agreement. They will continue to fight for changes to the agreement language. In the meantime, claims are still being processed under the current agreement language. Time is of the essence in filing a claim as the deadline is April 22, 2014. You owe it to yourself to have an accountant analyze the numbers for you. It could mean thousands, tens of thousands, or even millions of dollars to your trade association or business. This is one opportunity that should not be overlooked as "too good to be true." Joe Tommasini and Bill McCoy are Certified Public Accountants with Matthews, Cutrer & Lindsay, PA in Ridgeland, MS. They head up the Construction Accounting Division of the firm and have been active in preparing BP claims since the inception of the settlement. You can contact Joe and Bill at jtommasini@mclcpa.net and bmccoy@mclcpa.net . www.mclcpa.net WHERE MEMORABLE MEETINGS HAPPEN! The Arena At Golden Moon • Two Casinos Two Golf Courses • Spa & Salon Eleven Restaurants • Shops • Full Convention Services We can handle small break-out groups up to full-scale trade shows and conventions with over 150,000 combined square footage between both properties. Pearl River Resort • Choctaw, MS • 1.866.44PEARL (1.866.447.3275) • www.pearlriverresort.com A development of the Mississippi Band of Choctaw Indians SPRING 2013 | CONNECTIONS 9