Based on the terms of the agreement, it is estimated that millions of additional residents, businesses and rental property owners located in Louisiana, Mississippi, Alabama, Texas and Florida will be entitled to receive compensation. The claims administrator for the lawsuit began sending out settlement checks in late October. There is no cap on the total amount that is to be paid.
The reason why so many people and businesses are eligible is because claimants do NOT have to prove that they incurred a loss of income due to the oil spill in order to receive compensation.
The settlement agreement defines eligibility and provides for compensation based on the claimant’s location and a combination of complex formulas.
The Allday Consulting Group, a CPA firm with accountants located in Metairie, Baton Rouge, Lafayette, Mandeville, Slidell and Houma, is assisting businesses with determining eligibility, computing compensation amounts and providing assistance for those who are filing claims by using their proprietary software, The BP Claim Calculator®.
This software determines claim eligibility and calculates an estimated amount of the compensation to be received.
Allday Consulting is now offering The BP Claim Calculator® to lawyers, accountants and tax preparers to help their clients with the settlement.
A free trial version of The BP Claim Calculator® software can be obtained by visiting www.AlldayCPA.com/BPHelp or by calling 504-835-4213. Live demonstrations of the software are held every Friday at 1:00 PM CST.
Businesses desiring accounting assistance or determining if they are eligible to file a claim can visit www.BPClaimsCPA.com or call Allday Consulting Group at 504-835-4213.
Deadlines for filing a claim vary based on the type of claim. However, most claims must be submitted electronically or postmarked no later than April 22, 2014.
For more information and to check the deadlines, visit the official website www.DeepwaterHorizonSettlement.com.